FxWirePro: USD/TRY breaks below 55-EMA as greenback weakens across the board
The Turkish Lira rallied to a near 1-week peak after the government reported fewer than 1,000 novel coronavirus cases a day recently, compared with around 5,000 a day in early April. On Monday, Turkey reopened its econom…
The Turkish Lira rallied to a near 1-week peak after the government reported fewer than 1,000 novel coronavirus cases a day recently, compared with around 5,000 a day in early April.
On Monday, Turkey reopened its economy, with many restaurants and cafes back in business
Additionally, further weakness in the U.S. dollar supported the upside in the Turkish currency.
USD/TRY is trading 0.5 percent lower at 6.7693, hovering towards a low of 6.6970 hit last week, its lowest since April 10.
The pair broke below major support 55-EMA earlier in the session but trimmed some losses to trade around 6.7700.
Immediate resistance is located at 6.8250, any close above could take it above 6.8509 (21-EMA).
On the downside, support is seen at 6.7290 and break below could take it near 6.7016.
