FxWirePro: USD/TRY consolidates within narrow ranges, investors await fresh catalyst
Monday, May 25, 2020 10:40 AM UTC
- The Turkish Lira consolidated within narrow ranges as investors awaited the next catalyst for further direction.
- On Sunday, Turkey's health minister announced 32 new deaths from Covid-19, bringing the death toll in the country to 4,340.
- Meanwhile, 1,141 new infections were confirmed in the past 24 hours, registering a total number of infections to 156,827.
- USD/TRY is trading flat at 6.8078, having hit a low of 6.7493 on Tuesday, its lowest since April 13.
- Immediate resistance is located at 6.8428 (7-EMA), any close above could take it above 6.8618.
- On the downside, support is seen at 6.7808 and break below could take it near 6.7639.