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FxWirePro: Turkish lira strengthens against USD, good to sell on rallies

Monday, August 1, 2016 8:25 AM UTC

USD/TRY is currently trading at 2.9756 levels.
It made intraday high at 3.9877 and low at 2.9731 levels.
Intraday bias remains bearish till the time pair holds key resistance at 3.0087 marks.
A sustained close below 2.9667 mark will drag the parity down towards key supports around 2.9598, 2.9189, 2.9015 and 2.8847 thereafter.
On the other side, key resistance levels are seen at 3.0087, 3.0119, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.

We prefer to take short position in USD/TRY around 2.9848, stop loss 3.0000 and target 2.9598.

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FxWirePro: Turkish lira strengthens against USD, good to sell on rallies

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