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8 Feb 2022

USD/TRY Price Analysis: Recovery moves eye three-week-old resistance below $14.00

  • USD/TRY extends week-start rebound towards short-term key hurdle to the north.
  • Firmer RSI, successful trading above weekly support and 100-SMA keep buyers hopeful.

USD/TRY stays on the front foot around a one-week high, up 0.20% intraday near $13.62 while rising for the second consecutive day ahead of Tuesday’s European session.

Upbeat RSI conditions and a clear follow of the ascending trend line from January 31 favor the Turkish lira (TRY) pair buyers.

However, the pair bulls need to cross a downward sloping trend line from January 17, near $13.65, to extend the run-up.

Following that, the late January’s top surrounding $13.70 may challenge the USD/TRY bulls before directing them to the $14.00 threshold.

Meanwhile, pullback moves remain elusive beyond the weekly support, around $13.58 at the latest.

Adding to the downside filters is the convergence of the 100-SMA and 38.2% Fibonacci retracement (Fibo.) near $13.50.

Overall, USD/TRY is up for consolidating recent losses but needs validation from $13.65.

USD/TRY: Four-hour chart

Trend: Further recovery expected

Feb 8, 2022

EUR/USD grinds lower towards 1.1400 as yields rebound, ECB hawks retreat

EUR/USD holds onto the week-start bearish bias, mildly offered around 1.1420 during early Tuesday morning in Europe. Monday’s dovish comment from ECB
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