• USD/TRY holds onto Friday’s recovery moves above short-term support line.
• MACD teases bulls as the quote heads to weekly horizontal resistance.
• 61.8% Fibonacci retracement limits immediate declines below October’s high.

USD/TRY remains range-bound near $12.40 heading into Monday’s European session.

The Turkish lira (TRY) pair snapped a two-day downtrend the previous day while staying past a weekly ascending support line.

Given the MACD line teasing bullish cross, as the quote remains above the short-term rising support line, USD/TRY buyers are likely to aim for the one-week-old horizontal resistance near $12.70.

Following that, the $13.00 threshold may offer an intermediate halt during the run-up to the recently flashed record top of $13.49.

Meanwhile, a downside break of the aforementioned support line near $12.30 will aim for a 50% Fibonacci retracement (Fibo.) level of the November 18-23 rally, around $12.00.

During the USD/TRY weakness below the $12.00 threshold, the previous resistance line from November 23 and 61.8% Fibo., respectively around $11.80 and $11.60, will challenge the bears before October’s peak of $9.85.

USD/TRY: Four-hour chart

Trend: Further upside expected