FxWirePro: USD/TRY remains well supported below 2.96 mark; down side limited
USD/TRY is currently trading at 2.9575 levels. It made intraday high at 2.9608 and low at 2.9533 levels. Intraday bias remains bullish till the time pair holds key support at 2.9463 marks. A sustained close below 2.9516 …
It made intraday high at 2.9608 and low at 2.9533 levels.
Intraday bias remains bullish till the time pair holds key support at 2.9463 marks.
A sustained close below 2.9516 will drag the parity down towards key supports around 2.9463, 2.9260, 2.9189, 2.9015 and 2.8847 thereafter.
On the other side, key resistance levels are seen at 2.9699, 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 up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take long position in USD/TRY only above 2.9608, stop loss 2.9516 and target 2.9699/2.9749.
