FxWirePro: USD/TRY retreats from near 1-week trough, likely to break above 6.1600

• The Turkish Lira declined, hovering towards a 9-1/2 month low hit in the previous session.
  
• Earlier in the day, the Turkish currency rallied to a near 1-week peak, but failed to sustain gains.
  
• USD/TRY is trading 0.6 percent up at 6.1540, having hit a high of 6.1600 on Monday, its highest since May 10.
  
• Momentum indicators are bullish - RSI strong at 83, MACD supports upside and Stochs are at overbought levels.
  
• Immediate resistance is located at 6.1648, any close above could take it above 6.1868.
  
• On the downside, support is seen at 6.0630 (10-DMA), and break below could take it near 6.0264 (21-EMA).

Recommendation: Good to buy on dips around 6.1220, with stop loss of 6.1073 and target price of 6.1648.