EUR/TRY: time to buy?
Hello traders,
given that the current situation is very, very similar to a technical scenario back in 2018,
I think we should now be shifting to a long bias, though confirmation is crucial in the next few
days.
After the descending triangle was finally broken to the downside, a flush of selling came into being
but it has since fizzled out and the MSCI iShares Turkey ETF buying has also run out of steam (this is
an inverse mirror to EUR/TRY price action).
We must now look to buy, perhaps. I have gone long on my demo, with 9.0 as a potential target and
a stop around 8.6.
Good luck to us all...
Francesco
given that the current situation is very, very similar to a technical scenario back in 2018,
I think we should now be shifting to a long bias, though confirmation is crucial in the next few
days.
After the descending triangle was finally broken to the downside, a flush of selling came into being
but it has since fizzled out and the MSCI iShares Turkey ETF buying has also run out of steam (this is
an inverse mirror to EUR/TRY price action).
We must now look to buy, perhaps. I have gone long on my demo, with 9.0 as a potential target and
a stop around 8.6.
Good luck to us all...
Francesco
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