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Turkish lira continues to appreciate against US dollar, sell on rallies

  • Pair is currently trading at 2.9240 levels. 
     
  • It made intraday high at 2.9325 and low at 2.9156 levels. 
     
  • Intraday bias remains bearish for the moment.

     
  • A daily close above 2.9471 will turn the bias bullish and drag the parity towards key resistance levels at 2.9991 marks.
     
  • On the other side, key support falls at 2.9089 levels.
     
  • In addition 20, 30 and 55D EMA heads down, which confirms the bearish trend.

We prefer to take short position in USD/TRY around 2.9250, stop loss 2.9325 and target 2.91 levels.

 

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