Turkish lira erases previous gain against US dollar, buy on dips

USD/TRY is currently trading at 2.8819 levels.

• It made intraday high at 2.8833 and low at 2.8681 levels.
• Intraday bias remains bullish for the moment.
• A recent down fall from the 2.9991 was a corrective move towards 2.8604 marks.
• A daily close below 2.8604 will take the parity towards 2.8217 marks.
• Alternatively, reversal form key support will turn the bias bullish again and drag the parity higher.
• Initial support levels are seen at 2.8716, 2.8490 and 2.8217 marks.
• On the other side, key resistance levels are seen at 2.9071, 2.9150 and 2.9328 levels.
• Important to note here that overall trend remains bearish till  the time pair holds key resistance at 2.9300 marks.

We prefer to take long position in USD/TRY around 2.88 levels, stop loss 2.9071/2.9150 marks.