The TRY/USD traded stable against the dollar for the second week in a row, indicating the intervention of government banks to maintain the price of the lira.
Place a stop loss point to close below the 25.25 level.Close half of the contracts with a profit equal to 70 pips and leave the remaining contracts until the strong resistance level at 26.00.The best points to place a stop loss close to the highest level of 26.15.Close half of the contracts with a profit equal to 70 pips and leave the rest of the contracts until the support level at 25.50.
In other news, reports stated that Turkish President Recep Tayyip Erdogan is ready to attract more investments to increase the country's foreign currency income from the Arab Gulf countries, as reports indicate that the expected investment volume will reach about $25 billion through privatization. In this regard, the Turkish government is negotiating with some Countries in the Gulf to sell the rights to operate one of the ports located in the city of Izmir.
The pair is currently trading within a rectangular range defined by a general bullish trend, which showed a slowdown recently. Currently, the pair is trading around the 26.09 level, above the support levels that are concentrated at 26.00 and 25.50, respectively. The price also settles below the resistance levels that are concentrated at 26.50 and 27.00. The price is moving above the moving averages 50, 100, and 200 on the daily timeframe, as well as on the 4-hour and 60-minute timeframes, in a sign of the strong bullish general trend. The effect of the tightening by the Turkish Central Bank on the lira price, which is expected to record some stability at the present time, is expected to be delayed.
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