TURKEY: Local Markets Closed Over National Holiday

• RES 4: 120.39 High Feb 28      
• RES 3: 119.31 Low Mar 4 and a gap high on the daily chart   
• RES 2: 118.56 High Mar 5   
• RES 1: 117.51 20-day EMA        
• PRICE: 117.34 @ Close Mar 24 
• SUP 1: 115.75 Low Mar 14 and the bear trigger  
• SUP 2: 115.52 2.618 proj of the Feb 7 - 19 - 28 price swing  
• SUP 3: 115.00 Round number support
• SUP 4: 114.81 3.000 proj of the Feb 7 - 19 - 28 price swing   

Recent gains in BTP futures are considered corrective. Note that the trend has recently been in oversold territory and the latest bounce is allowing the condition to unwind. Resistance to watch 117.51, the 20-day EMA, ahead of 118.56, the Mar 5 high. A resumption of weakness and a breach of 115.75, the Mar 14 low, would confirm a continuation of the downtrend and open 115.52, a Fibonacci projection.

• RES 4: 165.43 High Nov 8        
• RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance   
• RES 2: 164.55 High Jan 7
• RES 1: 164.19 High Mar 18 and the bull trigger 
• PRICE: 162.37 @ 07:09 GMT Mar 24 
• SUP 1: 160.74 Low Mar 20
• SUP 2: 160.28 50-day EMA 
• SUP 3: 158.90 Low Mar 10  
• SUP 4: 158.00 Round number support 

The recent move down in EURJPY appears corrective and has allowed an overbought trend condition to unwind. Short-term pivot support to watch is 160.28, the 50-day EMA. A break of this level would signal potential for a deeper retracement. Recent gains resulted in a print above resistance at 164.08, the Jan 24 high. A clear break of this hurdle would open 164.90, the Dec 30 ‘24 high.

• RES 4: 94.00 Round number resistance    
• RES 3: 93.79 High Mar 4 and a bull trigger         
• RES 2: 93.06 Low Mar 4 and a gap high on the daily chart  
• RES 1: 93.01 High Mar 20 and a short-term bull trigger                       
• PRICE: 91.63 @ Close Mar 24
• SUP 1: 91.07 Low Low Mar 13                                      
• SUP 2: 90.71 Low Mar 6 and a bear trigger  
• SUP 3: 90.49 1.618 proj of the Feb 6 - 20 - Mar 4 price swing  
• SUP 4: 90.19 1.764 proj of the Feb 6 - 20 - Mar 4 price swing

The short-term trend outlook in Gilt futures remains bearish and recent gains appear to have been a correction. Key short-term resistance has been defined at 93.01, the Mar 20 high. A break of this level is required to highlight a bullish condition. For now, attention is on support at 91.07, the Mar 13 low, and the bear trigger at 90.71, the Mar 6 low. A break of this level would confirm a resumption of the downtrend.