- The Turkish Lira plunged to a 2-month low as investors continued to digest downbeat unemployment data
- Turkey's unemployment rate increased to 13.8 percent in September from 11.4 percent in the same month of the previous year.
- USD/TRY is trading 0.2 percent up at 5.8590, having hit a high of 5.8666 earlier, its highest since October 17.
- Momentum indicators are bullish - RSI strong at 69.53, MACD supports upside and Stochs are at overbought levels.
- Immediate resistance is located at 5.8755, any close above could take it above 5.8836.
- On the downside, support is seen at 5.8343 and break below could take it near 5.8182/ 5.8084 (5-DMA).
Recommendation: Good to buy on dips around 5.8456, with stop loss of 5.8343 and target price of 5.8755.
