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Euro / Turkish Lira

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EURTRY trade ideas

EUR/TRY 1H Chart: Previous forecast at workThe EUR/TRY currency pair breached the falling wedge south. The rate has been trading south and reached the psychological level at 6.25. Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs, the general direction is expected to remain south within the scope of the next week. It is likely that this decline is bounded in a descending channel. It is the unlikely case that some bullish pressure still prevails in the market, the Euro should not exceed the 200-hour SMA, currently located at 6.4372.
by UnknownUnicorn890690
EURTRY short ideaTurkey and America relations do not seem to be growing much in spite of this crisis. A crisis provoked by Trump as the US senatorial elections approach. The cause of this crisis does not seem to be a question of a pastor detained for acting as an agent for America. The evidence provided to the American state does not seem to please because the truth hurts and does not want to admit that this person is an American agent (no state would agree to confess, it is normal). This crisis seems to be rather blackmail against Turkey because it does not want to apply sanctions against Iran. Plus the economic war launched by Trump. There are several factors. Turkey is questioned about the economy and has announced several changes and economic model. The market does not seem too convinced. However after a few days more than 4000 investors followed closely the conference made by the Minister of Finance. Turkey has decided to give a lot more funds and help for entrepreneurs and investors. The country seems to want to give a lot more importance to high technologies. Imports will be reduced and exports will be increased. A very big investment from Qatar. Make a lot more savings. A very likely interest rate increase in the near future that could give much more value to the Turkish lira. That's why my technical analysis is that way. Money management.
by Ghostdev32
Time to get to work on Turkey ... again=> Here we are tracking profit taking for shorts after an AB = CD leg in EURTRY => Nothing has changed on the macro side in Turkey and we have positive Euro flows starting to enter back into the picture as we start thinking about the unwinding of QE. => Our target at 7.34158 is the last daily R before we finished breaking down on this 'CD' leg whilst our stops remain below the lows => A break of the channel will trigger stops and should clear targets swiftly.. lets see how this one goes. => Good luck
Long
by ridethepig
1
EUR/TRY 1H Chart: Falling wedge in sightThe European common currency has been appreciating against the Turkish Lira for five weeks. This movement has been bounded in a falling wedge. As apparent on the chart, the exchange rate is trading near the support cluster formed by the 55-, 100–. 200-hour SMAs and the Fibonacci 38.20% retracement in the 6.9843/7.0499 range. It is expected that the pair will breach given support and trade down to the lower wedge line located circa 6.70. However, if given support cluster holds, a breakout from the pattern could occur and the pair could jump towards the psychological level at 7.3500/7/4000.
by UnknownUnicorn890690
EURTRY - Daily - More weakness from the Lira?Trade Alert EURTRY is currently balancing just slightly above the short-term upside support line, taken from the low of the 16th of August. If that line continues to hold, then we could see further acceleration of the rate, where the 7.6200 level could get tested. If this won't be enough for the bulls, then we could see another attempt to try and hit the 8.0060 barrier, marked by the highs of the 13th and the 30 of August. On the downside, a break and a close below the aforementioned upside line could invite more bears to the table and the rate could fall to 6.9975. For us to get comfortable with the possibility of further declines, we would need to see a close below the 6.9975 zone, where we could then aim for the 6.4865 level, as the next potential support. Always have your SL in place.
by JFD_Research
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Long
by MegalodonTrading
EUR/TRY 1H Chart: Upside potential apparentThe Euro has been trading in an ascending channel against the Turkish Lira since the beginning of current week. As apparent on the chart, the Euro has reached the upper boundary of this pattern. In addition, technical indicators are in favour of bullish scenario. These two factors allow to think that a breakout is due in the nearest future. Traders should look out for the 0.00% Fiboncacci retracement at the 8.103 mark. In case, this mark is not breached, it is likely that the bearish sentiment takes over the pair.
by UnknownUnicorn890690