FxWirePro: USD/TRY exhibits range bound movement, bias remains bullish
USD/TRY is currently trading at 3.5460 levels. It made intraday high at 3.5482 and low at 3.5385 levels. Intraday bias remains bullish for the moment. Key resistances are seen at 3.5497, 3.5580, 3.5757, 3.5851, 3.6036, 3…
It made intraday high at 3.5482 and low at 3.5385 levels.
Intraday bias remains bullish for the moment.
Key resistances are seen at 3.5497, 3.5580, 3.5757, 3.5851, 3.6036, 3.6238, 3.6552, 3.6925, 3.7180, 3.7479 and 3.7620 levels respectively.
On the other side, a sustained close below 3.5400 will drag the parity down towards key supports around 3.5252, 3.5126, 3.4854, 3.4766 and 3.4558 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/TRY only above 3.5497, stop loss at 3.5252, and target of 3.5735.
