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EURO showing some strong move today and more buyers coming into the picture, the current short term bearish run of EURTRY may have come to end. For safer trade for more strong price move which is above 3.159 and it may help in going further bullish and it may travel to 3.66 region. On the other side, Turkey is still facing lot of fundamental issues and Internal issues which may lead to bearish Lira. In line with that, please find the daily chart of EURTRY as follows,
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EURTRY may push even lower
In my previous posts, I have suggested a slow fallback from EURTRY and fortunately it happened too. Its majorly because of all the bad things happening in Europe continent in different countries. As the situations are getting worse and some of the major events are lined up in next week from USD and JPY. We may see another pull back from EURTRY. Technical also suggesting the same. Please find below the analysis of daily chart of EURTRY.
EURTRY is preparing for a fallback
Turkish lira had faced a big task in maintaining its currency because of internal issues within the country. But as things are coming back to normal, we can expect a little push up in the market, as it had steep bearish run in last 2 weeks. On the other hand, Euro is having mixed reaction in the market in last 2 weeks and tomorrows bearish expectation in PMI value might cause some bearish move in Euro. Taking this into consideration, I expect a pullback from EURTRY in coming days. Please find be…
USDTRY and EURTRY to watch
Turkish fundamental has found itself in bad taste once in few months. Few months earlier, it was Russian plane attack which created a setback but Turkey had recovered quite well. But last week sudden rivalry over army troops trying to take over the nation had made a mess again which made their fundamental market to go down. Things seems to be in control now, but still the effect will remain in place for atleast a month. Next price action to watch for is 3.325.