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FxWirePro: Turkish lira falls against U.S. dollar ahead of budget balance data

  • USD/TRY is currently trading at 2.9844 levels.
     
  • It made intraday high at 2.9859 and low at 2.9756 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 2.9727.
     
  • Key resistances are seen at 2.9872, 2.9977, 3.0085, 3.0268, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
     
  • A sustained close below 2.9727 will drag the parity down towards key supports around 2.9614, 2.9495, 2.9314, 2.9207, 2.9178, 2.9015 and 2.8847 thereafter.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Turkey will release budget balance data at 0800 GMT.

We prefer to go long on USD/TRY around 2.98, stop loss 2.9727 and target of 2.9932/2.9977/3.0111/3.0268.

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