Today’s recommendation on the lira against the dollar
Risk 0.50%.
Yesterday’s sell deal was activated and it is still trading
Best selling entry points
- Entering a short position with a pending order from levels of 17.65
- Set a stop-loss point to close the lowest support levels 17.85.
- 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 17.20 مستويات levels
- The best points for setting stop-loss are closing the highest levels of 16.94.
- 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 17.41
The lira fell against the dollar during European trading this morning, as the lira recorded its lowest level ever against the dollar, after breaking its lowest levels recorded earlier this year. Despite the dollar’s decline against the major currencies since the beginning of the week, the lira did not witness any positive effect, but rather increased its losses against the American currency, as the bad economic conditions, which are sometimes characterized by an abnormal logic by the Turkish Central, were reflected in the exchange rate of the lira against the dollar. The country is witnessing record levels of inflation that have not been recorded for nearly a quarter of a century. The country is also facing a severe shortage of foreign financial liquidity, which limits the ability of the Turkish Central Bank to intervene to support the exchange rate of the lira against the dollar. At the same time, the Turkish Central Bank, which is under the effective control of the country’s president, Recep Tayyip Erdogan, adheres to a stimulus fiscal policy that prevents raising the interest rate, unlike most central banks around the world. The lira is not expected to witness any recovery despite any emergency measures that the Turkish government may take, as the lira swallows any temporary gains, which happened several times during 2022.
On the technical front, the Turkish lira fell against the US dollar, climbing to the peak recorded earlier during late last month, as the pair recorded its highest levels ever. The pair is based on the bullish trend line on the four-hour time frame shown on the graph, at the same time the pair is trading the highest support levels that are concentrated at 17.22 and 17.11 levels, respectively. Meanwhile, the lira is trading below the resistance levels at 17.60 and 17.75, respectively. The pair traded above the moving averages 50, 100, and 200, respectively, on the four-hour time frame, as well as on the 60-minute time frame, indicating the bullish trend over the medium term. We expect the pair to retest the previous top and then set off to record new tops. Please adhere to the numbers in the recommendation with the need to maintain capital management.
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