Today's recommendation on the lira against the dollar
- Risk 0.50%.
- The sell trade on the recommendation was activated yesterday and is still in circulation
Best entry points buy
- Entering a long position with a pending order from levels of 13.65
- Place your stop-loss point below the 13.33 support levels.
- 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 14.29.
Best selling entry points
- Entering a short position with a pending order from 14.10 levels.
- The best points to place the stop loss are above 14.39 levels.
- 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 13.70
The Turkish lira fell during yesterday's and early trading today, with the increase in demand for the dollar globally and locally. This is especially with the start of Russian military operations in Ukraine, where analysts followed the statements of the official representative of the President of Turkey Ibrahim Kalin, yesterday. He said that Turkey does not plan to enter into the series of sanctions being imposed by Russia in order to maintain a healthier channel of dialogue. "We must act with the priorities of our country in mind. There must be a party capable of negotiating with Russia. Who will talk to Russia when everyone is burning bridges of communication? We do not plan to impose sanctions to open this channel”. Kalin also said that Ankara would not take any action that would jeopardize Turkey's trade relations with Moscow. In general, the lira has been moving within a general bearish trend for nearly two weeks, as it recorded a rise in only two trading sessions within ten days.
On the technical front, the Turkish lira fell against the dollar to trade the highest resistance levels at 14 lira. As the pair is moving within the framework of an ascending price channel, it includes some resistance levels that are concentrated at 14.10 and 14.34 levels, respectively. On the other side, the pair is trading the highest support levels, which are concentrated at 13.72 and 13.66 levels, respectively. The pair is also trading above the 50, 100 and 200 moving averages, respectively, on the four-hour and daily time frames. We expect the lira to decline until 14.34 levels, which represent 50 Fibonacci levels for the last downside wave, which started at 12-20-2021 and ended on 12-23-2021. Please adhere to the numbers in the recommendation with the need to maintain capital management.
