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FxWirePro: Turkish lira remains unchanged despite robust manufacturing PMI data

  • USD/TRY is currently trading at 4.6226 levels.
     
  • It made intraday high at 4.6360 and low at 4.5846 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 4.5540 marks.
     
  • Key resistances are seen at 4.6360, 4.6484, 4.6563 and 4.6888 marks respectively.
     
  • On the other side, A sustained close below 4.5848 will drag the parity down towards key supports around 4.5500, 4.5294, 4.5093, 4.4617 and 4.4470 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Turkey June 2018 manufacturing PMI increase to 46.8 (previous 46.4).

We prefer to take long position on USD/TRY around 4.6200, stop loss at 4.5848 and target of 4.6888.

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