USD/TRY with a strong resistance placed at 3.795

USD/TRY with a strong resistance placed at 3.795

USD/TRY is currently moving in a sideways range, but still it’s being favored by the bears amid a broad-based weakness seen in the US Dollar. The resistance zone of 3.795 still holds, as it coincides with the 65% Fibonacci area, which should help to produce pullbacks in order to put the focus on the -23.6% Fibo level at 3.700, which is a key psychological zone. To the upside, if it manages to break above 3.795, then it can test the 3.809 level.

RSI indicator is trapped in the neutral territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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