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FxWirePro: USD/TRY breaks below 55-EMA as greenback weakens across the board 

  • 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. 
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