maccabean
Short

Hang in there holders of Turkish Lira

FX:EURTRY   Euro Fx/Turkish New Lira
As you can see by my chart, every time the price has hit the top of the linear regression , and 0.04 on the MACD , the price has reversed back down again with the CCI , DeMarker and Stoch RSI gradually falling back into their respective channels. Without consideration of any further shocks to the market, I think that political instability, the conflict in the south and east, I believe these factors have already been built into the price. I dont' believe the price will fall back down in the next few days, but probably drift lower over the coming weeks with the price potentially hitting 3.20.
The overnight will hopefully make baring this loss a little more bearable and a small short at the top of the resistance line should be considered to mitigate open losing positions.
It seems you were wrong at the time of the analysis. Well, Turkey has always been a country with high political risks. But, it is good to see your price channel is working again. I will be a holder of EURO if the pair hits 3,10 or around and show signs of turning back.
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Indeed I have learnt that emerging economy currencies are hard to predict and don't always fall in line with technical indicator expectations.
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