FxWirePro: USD/TRY breaks below 55-EMA as greenback weakens across the board
Tuesday, June 2, 2020 11:57 AM UTC
- The Turkish Lira rallied to a near 1-week peak after the government reported fewer than 1,000 novel coronavirus cases a day recently, compared with around 5,000 a day in early April.
- On Monday, Turkey reopened its economy, with many restaurants and cafes back in business
- Additionally, further weakness in the U.S. dollar supported the upside in the Turkish currency.
- USD/TRY is trading 0.5 percent lower at 6.7693, hovering towards a low of 6.6970 hit last week, its lowest since April 10.
- The pair broke below major support 55-EMA earlier in the session but trimmed some losses to trade around 6.7700.
- Immediate resistance is located at 6.8250, any close above could take it above 6.8509 (21-EMA).
- On the downside, support is seen at 6.7290 and break below could take it near 6.7016.