Bulls keep the price above the trend line
The USDTRY has to surge (lower TRY) as investors continue to flee the embattled country.
The TRY has fallen 4% on the day and trades at a record 5.50149. The price has come off a little and currently trades at 5.47848.
Close risk for longs is the 38.2-50% of the last leg higher that comes in at 5.3818 to 5.4100. Stay above that area and the sellers ARE NOT winning. That is the minimum level to get and stay below to turn the tide in the pair.
Another level is the lower trend line. Yesterday and again early today, the pair stalled at the trend line and held. That trend line come in currently at the 5.3200 area. Like the retracement levels, until that trend line is broken (it is moving higher), the buyers remain in control and the sellers are not winning.
