Latest price action patterns indicates thata EURTRY wants to go lower.
Last breakout attempt did not draw attention and failed.
Lower trendline is broken today. 6.66 and 6.60s are possible if political events do not intervene
Thank you for your likes and comments.
Good luck
=> For those who believe in the bearish Turkey story, we are in the early stages of a 5th wave which we mentioned in our previous ideas... it can be seen clearly here and shows how the floodgates for the highs are wide open.
From a technical perspective the 5th wave target, the first major target is 7.85 (assuming wave 5 is a 1.00 ratio in length of wave 1)....
- Stoploss at 113 fibo ext
- The first target is expecting to retest the last bottom.
- Expect to make a new bottom with 3 targets. They are calculated by Elliot rule.
The entry point as a short position is 7.02039 and i will see the close of a daily candle (hopefully a reversal one).
Because the high spreed and high volatility of the pair, I will wait for the close daily candle at point 7.02039
sl is a closing 2 daily candles above 7.02039
The entry point as a short position is 7.02039 and i will see the close of a daily candle (hopefully a reversal one).
so the high spreed and high volatility of the pair, I will wait for the close daily candle at point 7.02039
sl is a closing 2 daily candles above 7.02039
Looks like Turkish lira will regain some strength against the Euro.
I am trading the retracement back to the Kumo and Kijun. At the same time I will capture the interest differential of around 24%.
The parity has been returning from 5.6620 on an hourly basis. We see that the buying has strengthened with the breaking of this level. Our target points will be 5.7700 and 5.8500 levels in the parity
There are similarities with Venezuela.
It's look like Trump and Israel doesn't wan't to loose power in middle east.
They are some good projects like:
*new silk road to istanbul
*drilling for oil and gas near Cyprus in the near future
Battle cards tell you truth.
Turkey+Russia+China+Iran have now more power and control in middle east.
Trump + Israel have more...
The uptrend in the parity continues. Our target point will be 6.2800 level in the parity which breaks the resistance of 6.2080. As long as the bottom band of the channel is not broken, our direction will be up
RSI divergence . Price might go down and form a head and shoulders pattrn and break it's neckline at the D point of bearish anti shark pattern . For a sell at 6.19828 , SL at 6.21078 and TP at 6.148 you get a RR ratio of 4 .
The Euro vs. the Turkish Lira. Traders have been attracted to this pair because of its high volatility during pre-crisis conditions, however, due to monetary policy aimed to maintain price stability in the Euro-Zone volatility has declined. In the past, the Turkish Lira has been pegged to currencies such as the British Pound, the French Franc and most recently the U.S. Dollar.
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