FxWirePro: Turkish Lira slumps to a fresh 1-1/2 year trough on coronavirus-led turmoil
The Turkish Lira plunged to a new 1-1/2 year low as investors continued to weigh up the financial and economic consequence of the spread of COVID-19 in Turkey. The pair extended gains above the 6.800 handle and is likely…
The Turkish Lira plunged to a new 1-1/2 year low as investors continued to weigh up the financial and economic consequence of the spread of COVID-19 in Turkey.
The pair extended gains above the 6.800 handle and is likely to test 6.900 level.
USD/TRY is trading 0.7 percent higher at 6.8588, having hit a high of 6.8600 earlier, its highest since August 2018.
Immediate resistance is located at 6.8744, any close above could take it above 6.8959.
On the downside, support is seen at 6.8028 (23.6% Fib) and break below could take it near 6.7674 (38.2% Fib).
