USD/TRY Forex Signal: Recovers Early Losses

Today's recommendation on the lira against the dollar

• Risk 0.50%.

• The buy trade of the recommendation was activated on Thursday, and a profit was exited with moving the stop loss point and closing half of the contracts

Best entry points buy

• Entering a buy position with a direct order from the current levels 14.75

• Place your stop-loss point below the 14.46 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 15.00.

Best selling entry points

• Entering a short position with a pending order from 15.05 levels.

• The best points to place the stop loss are above 15.20 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 14.70

The Turkish lira rose during European trading from today, Thursday, to compensate for its early losses with the opening of the markets. Over the past two weeks, the Turkish lira recorded strong declines in conjunction with the start of the war in Ukraine, as investors tended to the safe havens represented in precious metals or the dollar. As these assets recorded gains at the expense of the currencies of emerging economies, under which the Turkish lira falls. However, the Turkish currency soon recorded some gains, amid some positive reports about negotiations that take place from time to time. At the local level, estimates from the Central Bank of Turkey showed during the past week the possibility of a rise in inflation this year at a rate higher than previous expectations, which increased pressure on the Turkish lira.

On the technical front, the dollar against the lira maintained its trading in the general upward trend, despite some corrections. The pair is still trading above the moving averages 50, 100 and 200, respectively, on all time frames, starting from the four-hour time frame and on the daily. While the pair is trading between the 50 and 100 moving averages on the 60-minute time frame. The pair is trading the highest support levels, which are concentrated at 14.65 and 14.55 levels, respectively. On the other hand, the lira is trading below the resistance levels of 14.90 and 15.00, respectively. It seems that the way is open for the dollar to record more gains against the lira, as the pair targets from the resistance levels that are centered at 15.26, which represents the 61 Fibonacci levels for the last downside wave, which started at 12-2021 and ended at 23-12-2021, respectively. Please adhere to the numbers in the recommendation with the need to maintain capital management.