FxWirePro: Turkish lira near 2-week peak as government lifts travel restrictions for more cities
Tuesday, May 12, 2020 10:57 AM UTC
- The Turkish Lira rallied to near 2-week peak, as the greenback eased against a basket of currencies.
- The Turkish currency was also supported by Turkish President Recep Tayyip Erdogan announcement that COVID-19 travel restrictions were lifted in nine more cities, as part of the normalization process as the country's number of fatalities and cases continued to decline.
- USD/TRY is trading 0.6 percent down at 7.0299, having hit a high of 7.2682 on Thursday.
- The pair dropped as low as 7.0005 but faces major support at 21-EMA.
- Immediate resistance is located at 7.0967, any close above could take it above 7.1054.
- On the downside, support is seen at 6.9786 and break below could take it near 6.9604 (21-EMA).