FxWirePro: USD/TRY near 3-week low, outlook remains bearish
Thursday, May 14, 2020 9:56 AM UTC
- 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.