USDTRY below the 200 hour MA now. Steps lower continue.

Down 19.5% from the high

The USDTRY has continued the steps lower in trading today.

Yesterday, a trend line and 100 hour MA were broken. The 200 hour MA held support.

Today, the 200 hour MA and 50% of the move up from the July 9th low at 5.8826 and 5.8063 respectively have been breached. I would use the 200 hour MA now as risk/bias line now. Stay below is more bearish. Move above and there should be more of a rebound.

The 61.8% of the move up from July 9th is the next target at 5.5007. That is the next target.

The fall is a 19.5% fall from the high. At the lows today, the drop was 20.43%.

A headline just out says Germany is in favor of a IMF programme for Turkey.