- The Turkish Lira rallied, hovering towards to an 11-day peak hit last week on upbeat consumer confidence report.
- Turkey's consumer confidence increased to 57.0 in October from 55.8 in the previous month, boosted by an improvement in expectations regarding households' financial situation, general economic situation, and unemployment.
- USD/TRY is currently trading 0.5 percent down at 5.7797, having hit a low of 5.7579 on Friday, its lowest since October 7.
- Momentum indicators are bearish - RSI weak at 49.50, Stochs are biased lower and MACD support downside.
- Immediate resistance level is located at 5.8304 (7-EMA), any close above could take it above 5.8549 (10-DMA).
- On the downside, support is seen at 5.7678, and break below could take it near 5.7522 (55-EMA).
Recommendation: Good to sell on rallies around 5.7982, with stop loss of 5.8153, and target price of 5.7678.
