EUR/TRY: Advancing towards the 7.9902/8.0000 resistance zone – Commerzbank

EUR/TRY continues to rise and still trades at levels last seen in September 2018 with the current May high so far having been made at 7.7640, as analysts at Commerzbank note.

Key quotes

“Above 7.7640 there are no upside targets to be seen until the 7.9902 late August 2018 high and a daily horizontal 0.05 x 3 Point & Figure upside target at 8.0000. Further up sits the August 2018 all-time high at 8.1147.”

“Below the steep two-month uptrend line at 7.5907 minor support can be seen at the 7.4735 April 23 low below which sit the early April highs at 7.3913/7.3570.”