Hello traders, a quick technical update about Turkish Lira regardless of the election results
Resistance and targets are
1- 20.3976 (1.272%)
2- 21.5284 (1.414%)
3- 23.1700 (1.618%) very strong level and target and you should expect a strong rejection
supports
1- 18.3000+/- broken level 2021 / wave 3 top / and 50 EMA
2- 17.1070 23.6 Fib level as long as 20.4000 is not breached
3- 15.8000 100EMA
4- 15.1500 +/- 38.2 Fib as long as 20.4000 is not breached
These are the only levels that I am interested to see reaction at, because due to high volatility and strong fundamentals affecting USDTRY, then you should be very careful where to engage in the market. Preferable at strong rejection zones mentioned above where you can manage your risk in the most profitable way.
Note: the above technical observations reflects my own objective and view, a trader should consider other factors and analysis as well.
Regards
