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FxWirePro: USD/TRY breaks below 200-DMA, dip till 5.6852 likely 

  • The Turkish Lira rallied to a 2-week peak, as the dust settled on last week's downbeat unemployment data. 
     
  • The pair broke major resistance at 200-DMA but retraced to trade lower on the day.
     
  • USD/TRY is currently trading 0.2 percent down at 5.7258, having hit a low of 5.7044 earlier, its lowest since November 4. 
     
  • Momentum indicators are bearish - RSI weak at 44.93, MACD supports downside and Stochs are biased lower.
     
  • Immediate resistance level is located at 5.7472 (55-EMA), any close above could take it above 5.7525 (21-EMA).
     
  • On the downside, support is seen at 5.6995, and break below could take it near 5.6852.

Recommendation: Good to sell on rallies around 5.7329 with stop loss of 5.7472, and target price of 5.6852.

By Lactus Fernandes
  • Market Data
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