- The Turkish Lira declined, extending losses for the third straight session as investors digested yesterday's mixed economic data.
- Turkey's annual inflation rate increased to 10.56 percent in November from 8.55 percent in the previous month, but slightly below expectations of 11 percent.
- USD/TRY is trading 0.1 percent up at 5.7447, having hit a low of 5.7306 on Tuesday, its lowest since November 25.
- On Tuesday, the pair tumbled to a 1-week low but found strong support at 200-DMA.
- Momentum indicators are bullish - RSI strong at 50.07, MACD supports upside and Stochs indicate a bullish crossover.
- Immediate resistance level is located at 5.7584, any close above could take it above 5.7621.
- On the downside, support is seen at 5.7347 (10-DMA), and break below could take it near 5.7297 (200-DMA).
Recommendation: Good to buy on dips around 5.7408, with stop loss of 5.7347, and target price of 5.7621.
