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We expect the lira to continue to decline, especially as long as it continues trading above the bullish trend line, as every dip on the pair represents an opportunity to buy back.
Today’s recommendation on the lira against the dollar
Risk 0.50%.
Yesterday’s buy deal was activated, and half of the contracts were closed at profits and a stop loss point was provided.
Best selling entry points
- Entering a short position with a pending order from 17.11 levels
- Set a stop-loss point to close the lowest support levels 17.26.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit equal to 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.
Best entry points buy
- Entering a long position with a pending order from 16.58 levels
- The best points for setting the stop loss are closing the highest levels of 16.32.
- Move the stop loss to the entry area and continue to profit as the price moves by 50 pips.
- Close half of the contracts with a profit equal to 55 pips and leave the rest of the contracts until the support levels 17.00
The Turkish lira continued to record new losses against the US dollar, as the lira responded to the statements of Turkish President Recep Tayyip Erdogan. The statements were about the interest rate during a speech after a meeting with the Turkish government, in which he insisted on reducing interest rates. “This government will not raise interest rates, but will continue to lower them,” he said. The Turkish currency occupies an advanced position among the worst performing currencies and emerging market currencies. The lira fell by about 20 percent due to inflation that reached record levels and was driven by high energy prices. In this regard, Turkey faces further concern after the European Commissioner for Neighborhood and Enlargement, Oliver Varhely, asked the Turkish government to take a more decisive position regarding the situation in Ukraine and EU sanctions against Russia. Turkey is not boycotting Russian energy imports, as European countries decided earlier last week amid threats to further exacerbate inflation.
On the technical front, the Turkish lira fell against the dollar to continue recording new lows this year. During today’s trading, the lira surpassed the main resistance levels at 16.50. The pair maintained its trading above the bullish trend shown on the chart. The pair also continued trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame. Referring to the general upward trend. At the same time, the pair is trading the highest levels of support, which are concentrated at 16.50 and 16.40 levels, respectively. On the other hand, the lira is trading below the resistance levels at 17.11 and 17.40, respectively. We expect the lira to continue to decline, especially as long as it continues trading above the bullish trend line, as every dip on the pair represents an opportunity to buy back. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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