- The Turkish Lira eased, drifting further away from a 2-1/2 week peak hit earlier in the week, despite better than expected business confidence and capacity utilization.
- Turkey's manufacturing confidence index rose marginally to 100.9 in October from 98.8 in the previous month, amid a more favourable assessment of current level of total orders and stocks of finished goods.
- Separate data showed capacity utilization in Turkey increased to 76.40 percent in October from 76.30 percent in September.
- USD/TRY is currently trading 0.2 percent up at 5.7746, having hit a low of 5.7248 on Wednesday, its lowest since October 7.
- Momentum indicators are bullish on hourly charts - RSI strong at 54.85, Stochs are biased higher and MACD support upside.
- Immediate resistance level is located at 5.7950 (7-EMA), any close above could take it above 5.8097.
- On the downside, support is seen at 5.7519 (55-EMA), and break below could take it near 5.7316.
Recommendation: Good to buy on dips around 5.7678, with stop loss of 5.7519, and target price of 5.7950
