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17 Oct 2019
USD/TRY technical analysis: Turkish Lira rises as US and Turkey agree to ceasefire in Syria
- The Turkish Lira rose on rumoursTurkey will cease incursions in Northern Syria in five days.
- The level to beat for bears is the 5.8200 level.
USD/TRY four-hour chart
USD/TRY is falling sharply below the 50-period simple moving average (SMA), now challenging the 5.8200 level near the 32.8% Fibonacci (Fib) retracement from the October swing up.
If bears keep the pressure on the market can continue to decline towards the 5.7800 level near the 50% Fib retracement and the 100 SMA.
Resistance is seen near the 5.8400 level, which was a previous key resistance in early October, and at the 5.9000 which acted as pivotal in mid-October.
More here: News conference: US and Turkey have agreed to a ceasefire in Syria - Pence
Additional key levels