Turkish Lira snapped a five-day rally yesterday, challenging government assurances that it’s on a more stable footing after measures were introduced a week ago to stem its collapse.
After the Epic rebound last week the worries seem to be returning.
As you can see on the chart, what used to be 3 Liras to a Euro became, 6 then 9 and now 12...after stopping first at 20!
The chart is not very encouraging for the Lira as the chart is hyper-bullish from a technical point of view with 15 euros technical level being a crucial test (statistically it's 93% likely that it will happen) before the price decides if that level will be resistance and the price will drop lower from there OR if it will be breached over in which case the 20 and even 30 will be in play for the future. Scary!
Food for thought:
Experts say that Turkey should increase rates from 14%, whereas rates in the West (EU, USA, UK) rates are below 1%. Any thoughts on this one?
One Love,
the FXPROFESSOR
PS. a stable currency means happier people and economies. Better future and peace. May the Lira stabilize between 15 max and 10 low so that the people there can find some ease. Not a happy situation for anyone at the moment.
After the Epic rebound last week the worries seem to be returning.
As you can see on the chart, what used to be 3 Liras to a Euro became, 6 then 9 and now 12...after stopping first at 20!
The chart is not very encouraging for the Lira as the chart is hyper-bullish from a technical point of view with 15 euros technical level being a crucial test (statistically it's 93% likely that it will happen) before the price decides if that level will be resistance and the price will drop lower from there OR if it will be breached over in which case the 20 and even 30 will be in play for the future. Scary!
Food for thought:
Experts say that Turkey should increase rates from 14%, whereas rates in the West (EU, USA, UK) rates are below 1%. Any thoughts on this one?
One Love,
the FXPROFESSOR
PS. a stable currency means happier people and economies. Better future and peace. May the Lira stabilize between 15 max and 10 low so that the people there can find some ease. Not a happy situation for anyone at the moment.
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