FxWirePro: USD/TRY breaks key support at 2.9960, downside limited
USD/TRY is currently trading at 2.9885 levels. It made intraday high at 2.9977 and low at 2.9850 levels. Intraday bias remains bearish till the time pair holds key resistance at 3.0085 marks. A sustained close below 2.97…
It made intraday high at 2.9977 and low at 2.9850 levels.
Intraday bias remains bearish till the time pair holds key resistance at 3.0085 marks.
A sustained close below 2.9725 mark will drag the parity down towards key supports around 2.9667, 2.9598, 2.9189, 2.9015 and 2.8847 thereafter.
On the other side, key resistance levels are seen at 3.0085, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/TRY around 2.98, stop loss 2.9722 and target 3.0085.
