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FxWirePro: USD/TRY near 3-week low, outlook remains bearish

  • The Turkish Lira rallied to a near 3-week peak on optimism over possible swap lines being established with foreign central banks. 
     
  • USD/TRY is trading 0.1 percent down at 6.9627, having hit a low of 6.9421 earlier, its lowest since April 24. 
     
  • The pair broke below major support level at 21-EMA and is likely to continue bearish momentum. 
     
  • Immediate resistance is located at 6.9840, any close above could take it above 7.0000.
     
  • On the downside, support is seen at 6.9383 and break below could take it near 6.9220.
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