FxWirePro: Turkish Lira extends decline on downbeat unemployment rate
The Turkish Lira eased extending previous session losses, following downbeat unemployment data. Turkey's unemployment rate increased to 14.0 percent in August from 11.1 percent in the same month of the previous year, its…
The Turkish Lira eased extending previous session losses, following downbeat unemployment data.
Turkey's unemployment rate increased to 14.0 percent in August from 11.1 percent in the same month of the previous year, its highest jobless rate since March.
USD/TRY is currently trading 0.2 percent up at 5.7565, having hit a low of 5.7329 on Wednesday, its lowest since November 5.
Momentum indicators are bullish - RSI strong at 50.06 and Stochs are biased higher.
Immediate resistance level is located at 5.7749, any close above could take it above 5.7897.
On the downside, support is seen at 5.7329, and break below could take it near 5.7197.
Recommendation: Good to buy on dips around 5.7480 with stop loss of 5.7329, and target price of 5.7749.
