USD/TRY remains on the front foot for the fourth consecutive day, up 4.72% intraday despite a recent pullback to $13.28 ahead of Thursday’s European session.
In doing so, the Turkish lira (TRY) pair justifies the upside break of 200-SMA amid bullish MACD conditions, suggesting further advances of the quote. However, 100-SMA challenges the pair’s immediate upside at $13.55.
Although the USD/TRY prices are likely to ease before advancing further, the pullback moves will be worrisome if breaking the aforementioned weekly support line, near $12.40. That said, the 200-SMA level of $12.90 may restrict immediate declines.
In a case where the pair bears dominate past $12.40, the recently flashed multi-day low near $10.25 will be in focus.
Meanwhile, an upside clearance of the 100-SMA level of $13.55 will push the USD/TRY prices towards the $14.00 threshold and then to the December 21 swing high of $14.13.
Following that, the 61.8% Fibonacci retracement (Fibo.) level of December 20-23 declines near $15.35 should lure the pair buyers.
Overall, USD/TRY remains in the recovery mode but intermediate pullbacks can’t be ruled out.
Trend: Gradual recovery expected
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