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FxWirePro: USD/TRY trades in narrow range, downside limited

Monday, December 19, 2016 8:04 AM UTC

USD/TRY is currently trading at 3.4962 levels.
It made intraday high at 3.5095 and low at 3.4881 levels.
Intraday bias remains neutral for the moment.
Key resistances are seen 3.4987, 3.5220 and 3.5491 marks respectively.
Alternatively, sustained close below 3.4854 will drag the parity down towards key supports around 3.4645, 3.4314, 3.4031, 3.3928 and 3.3684 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go long on USD/TRY only above 3.4979, stop loss at 3.4854 and target of 3.3684.

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FxWirePro: USD/TRY trades in narrow range, downside limited

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