Turkish lira - Will take a Break then Higher to 26,5 per Euro
Turkish Lira at 20 and our trade is now complete:
Perfect (re) entry at 15,8 before that Breakout:
and it was a 'perfect entry': 
Let's not forget the also perfect first entry here: tradingview.com/chart/idea/CEMAX0We/\
Trading wise i must admit, these EURTRY trades have been fantastic for us but at the same time it's a worrying sutuation for Turkish people (maybe not so much for Erdogan but i really don't want to go into politics nor to analyse his thinking or decision making).
High inflation will keep Turkish people paying more for their imports and make it impossible for most to get education abroad or buy a German car.
At the same time it will make it easier (in a degree) for Turkey to produce and export but that will also be affected sooner or later because we do live in a 'connected world' and producing also demands importing (energy, material, goods, technology etc)
Elections are coming next year and volatility of all kinds is already on:
hrw.org/news/2022/12/14/turkey-court-convicts-istanbul-mayor-ekrem-imamoglu
TECHNICAL ANALYSIS:
My chart shows that the price may drop to 18.49 before a new test of the 20 Liras resistance (rounded psychological resistance of the strongest kind).
Once and if price goes over 20 Lira /euro then 26,5 will be a key level to watch out for.
Can the price drop back to normal levels of 12 to 15,5 ?
Only if political situation normalizes and things go smoothly in Turkiye.
Then again, Erdogan is full of surprises...which is probably not a good thing.
One Love,
The FXPROFESSOR
Ps. Putin and the US all want Turkey 'close' and the country is trying to balance itself with a leg on each side. Historically Turkey takes 'sides' once the winner is clear but that will take time at a period where time is ticking out for Turkish people's prosperity. It doesn't look good to me.
Perfect (re) entry at 15,8 before that Breakout:
Let's not forget the also perfect first entry here: tradingview.com/chart/idea/CEMAX0We/\
Trading wise i must admit, these EURTRY trades have been fantastic for us but at the same time it's a worrying sutuation for Turkish people (maybe not so much for Erdogan but i really don't want to go into politics nor to analyse his thinking or decision making).
High inflation will keep Turkish people paying more for their imports and make it impossible for most to get education abroad or buy a German car.
At the same time it will make it easier (in a degree) for Turkey to produce and export but that will also be affected sooner or later because we do live in a 'connected world' and producing also demands importing (energy, material, goods, technology etc)
Elections are coming next year and volatility of all kinds is already on:
hrw.org/news/2022/12/14/turkey-court-convicts-istanbul-mayor-ekrem-imamoglu
TECHNICAL ANALYSIS:
My chart shows that the price may drop to 18.49 before a new test of the 20 Liras resistance (rounded psychological resistance of the strongest kind).
Once and if price goes over 20 Lira /euro then 26,5 will be a key level to watch out for.
Can the price drop back to normal levels of 12 to 15,5 ?
Only if political situation normalizes and things go smoothly in Turkiye.
Then again, Erdogan is full of surprises...which is probably not a good thing.
One Love,
The FXPROFESSOR
Ps. Putin and the US all want Turkey 'close' and the country is trying to balance itself with a leg on each side. Historically Turkey takes 'sides' once the winner is clear but that will take time at a period where time is ticking out for Turkish people's prosperity. It doesn't look good to me.
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