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FxWirePro: Turkish lira hits fresh record low at 3.8938 against U.S. dollar, bias remains bullish

  • USD/TRY is currently trading at 3.8570 levels.

  • It made intraday high at 3.8938 and low at 3.7807 levels.
     
  • Intraday bias remains bullish for the moment. 
     
  • Key resistances are seen at 3.8938, 3.9076, 3.9226 and 3.9438 levels respectively.
     
  • A sustained close below 3.7812 will drag the parity down towards key supports around 3.8221, 3.8019, 3.7875, 3.7807 and 3.7661 thereafter.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to go long on USD/TRY around 3.8490, stop loss 3.7812 and target of 3.8938/3.9076.

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