- USD/TRY is currently trading at 3.0506 levels.
- It made intraday high at 3.0630 and low at 3.0498 levels.
- Intraday bias remains neutral for the moment till the time pair holds key resistance at 3.0653 levels.
- Key resistances are seen at 3.0675, 3.0875, and 3.1048 levels respectively.
- A sustained close below 3.0411 will drag the parity down towards key supports around 3.0146, 2.9905, 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 around 3.0550, stop loss at 3.0653 and target of 3.0146.
