FxWirePro: USD/TRY exhibits range bound movement, bias remains neutral
USD/TRY is currently trading at 3.0904 levels. It made intraday high at 3.0977 and low at 3.0889 levels. Intraday bias remains neutral for the moment till the time pair holds key resistance at 3.1176 levels. Key resistan…
It made intraday high at 3.0977 and low at 3.0889 levels.
Intraday bias remains neutral for the moment till the time pair holds key resistance at 3.1176 levels.
Key resistances are seen 3.0970, 3.1048, 3.1128 and 3.1276 levels respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports around 3.0797, 3.0712, 3.0678, 3.0536, 3.0343, 3.0159, 2.9932, 2.9771, 2.9649, 2.9491, 2.9314, 2.9207, 2.9178, 2.9015 and 2.8847 thereafter.
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 go short on USD/TRY only below 3.0878, stop loss at 3.1025 and target of 3.0712/3.0678.
