- 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 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.
