USD/TRY Price Analysis: Consolidates above mid-23.00s, bullish potential intact USDTRY Technical Analysis Currencies
Overbought oscillators on short-term charts hold back bulls from placing fresh bets.pair extends its sideways consolidative price move through the first half of the European session and remains confined in a familiar range held over the past week or so. The pair currently trades around the 23.65-23.70 region, up over 0.40% for the day and well within the striking distance of the all-time high touched on Tuesday.
In the meantime, any meaningful slide below the 23.50 level is more likely to find decent support and remain cushioned near the 23.00 mark, or the low touched last Thursday. A convincing break below, however, might prompt aggressive long-unwinding trade and pave the way for deeper losses. The USD/TRY pair might then accelerate the fall towards the 22.80 horizontal zone en route to the 22.30-22.25 intermediate support before eventually dropping back to the 22.00 round-figure mark.
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