Enter your emailWe expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels. The sell trade of the recommendation was activated yesterday, and a profit was exited with closing half of the contracts and moving the stop loss pointSet a stop-loss point to close the lowest support levels 17.26.Close half of the contracts with a profit equal to 55 pips and leave the rest of the contracts until the strong resistance levels at 16.40.
The economy in Turkey recorded a growth of 7.3 percent, and the country's gross domestic product rose by 1.2 percent during the first quarter, with a gross domestic product value of about 179 billion dollars. The increase in the consumer spending index contributed to the positive results. It seems that the good numbers did not affect the lira, which was severely affected by the rise in inflation, interest stabilization and the depletion of the volume of foreign reserves in the country.
On the technical front, the Turkish lira stabilized against the dollar, as it witnessed minor changes during today's trading. The lira traded around the main resistance levels at 16.40. If the pair is still trading above the rising trend line shown on the chart at the same time, the pair continued trading above the moving averages 50, 100 and 200, respectively, on the four-hour time frame as well as on the 60-minute time frame.
We expect the lira to continue to decline, especially if the pair closed above the 16.40 resistance levels.Top Forex Brokers
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