EUR/TRY formed a top at 10.1969 targets the 9.3702/3515 area – Commerzbank

EUR/TRY briefly overcome the psychological 10.0000 mark and made a new all-time high at 10.1969 before topping out. The pair now targets the 9.3702/3515 area, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“EUR/TRY’s rise from the 7.3502 late May low has taken it to a new all-time high at 10.1969 before it began to top out as expected.”

“The three-month support line at 9.4871 has so far been reached, below which beckon the early October high at 9.3702 and the five-month support line at 9.3515. Further support comes in between the September high, October 22 low and the 55-day moving average at 9.2170/1779.” 

“Minor resistance now sits at the 10.0033 November 3 high and key resistance at the 10.1969 all-time high. Above it remains one hourly vertical 0.01 x 3 Point & Figure upside target at 10.3100. This we do not expect to be reached, though, and instead, further downside is now on the cards.”