- USD/TRY is currently trading at 2.9415 levels.
- It made intraday high at 2.9480 and low at 2.9406 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 2.9661 marks.
- A sustained close below 2.9420 will drag the parity down towards key supports around 2.9326, 2.9238, 2.9178, 2.9015 and 2.8847 thereafter.
- On the other side, key resistances are seen at 2.9661, 2.9710, 2.9867, 2.9977, 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 down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/TRY around 2.9435, stop loss 2.9509 and target 2.9326/2.9238.
