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USD/TRY may return to lows

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Trade idea

SELL 5.52; TP1 5.50; TP2 5.45; SL 5.54

USD/TRY met resistance near the line connecting 2019 highs in the 5.62 area. This is also where the 50-week MA is capping the price. The pair is currently testing levels below the 200-day MA (5.55). The key area on the downside is located at 5.5220 (50-period MA on H4 and 200-hour MA on H1). The decline below this level will open the way down to the last week’s lows in the 5.45 zone.

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FBS Analyst Team

FBS Analyst Team

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