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FxWirePro: USD/TRY breaks key support at 2.9960, downside limited

  • USD/TRY is currently trading at 2.9885 levels.
     
  • It made intraday high at 2.9977 and low at 2.9850 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 3.0085 marks.
     
  • A sustained close below 2.9725 mark will drag the parity down towards key supports around 2.9667, 2.9598, 2.9189, 2.9015 and 2.8847 thereafter.
     
  • On the other side, key resistance levels are seen at 3.0085, 3.0392, 3.0675, 3.0749, 3.0921, 3.0967 and 3.1048 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take long position in USD/TRY around 2.98, stop loss 2.9722 and target 3.0085.

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