Limited Rise in Turkish Lira

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Today’s recommendation on the lira against the dollar

Risk 0.50%.

Yesterday’s purchase order was activated, and the deal is still in circulation

Best buy entry points

  • Entering a long position with a pending order from 14.55 levels
  • Set a stop loss point to close the lowest support levels 14.36.
  • 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 75 pips and leave the rest of the contracts until the strong resistance levels at 14.85.

Best selling entry points

  • Entering a short position with a pending order from 14.86 . levels
  • The best points for setting the stop loss are closing the highest levels of 14.98.
  • 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 75 pips and leave the rest of the contracts until the support levels 14.40
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The rising cost of energy imports widened the scope of the deficit. However, the statements of the Turkish Finance Minister, Nureddin Nabati, said that his country does not live in isolation from the world, and that inflation is high around the world. He also added that inflation expectations in the country are expected to decline by the end of this year.

These statements contradict the results of a survey issued by the Turkish Central Bank at the end of last week, which showed expectations of rising inflation and a decline in the exchange rate of the lira.

On the technical front, the Turkish lira increased against the dollar during yesterday’s trading, as the pair broke the narrow trading range within the bullish price channel on the 240-minute time frame. In general, the US dollar against the dollar continued to trade within a narrow trading range. The pair is currently trading above the bullish trend line on the 60-minute time frame, as the pair varied around the 50, 100, and 200 moving averages, respectively, on the four-hour time frame, while the pair declined above those averages on the 60-minute time frame. The pair is also trading the highest support levels, which are concentrated at 14.60 and 14.55 levels, respectively. On the other hand, the lira is trading below the resistance levels at 14.76 and 14.85, respectively. Please adhere to the numbers in the recommendation with the need to maintain capital management.

USD/TRY

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