Recovery off 5.16 zone higher base (31Jan / 2Feb) is picking up and hit new high at 5.2668 today (one week high) after a higher low was left at 5.1827. Recovery probed above sideways-moving 10SMA (5.2388) and is underpinned by north-heading 5SMA (5.2148). Rising momentum and stochastic support scenario which requires close above 10SMA for initial fresh bullish signal to open way towards 20SMA (5.2962) and the most significant broken 200SMA (5.3192). Sustained break above 200SMA is needed to confirm reversal and question larger lira’s longs. Daily cloud twist could be also magnetic for recovery action. Negative signal could be expected on return below 5SMA, while extension below 5.1827 higher low would weaken near-term structure and revive lira’s bulls.
Res: 5.2668, 5.2962, 5.3192, 5.3273
Sup: 5.2388, 5.2148, 5.1827, 5.1600
