FX forecast / EUR/TRY / Our expectations
Long-term upward trend, higher tops and higher bottoms. The price corrected to levels of diagonal support. Price action signal: DoJi at levels of diagonal support. Technical indicator: CCI(50) still above level - the positive sentiment is still on power.The price is above SMA 50 and SMA 200 - positive signal. The price is above Ichimoku cloud - positive signal.
Sentiment: Negative for TRY. The inflation in the country is at record level of 8.75 %, as we expect to rise above these levels during 2018. The interest rate is below the inflation level which is negative for the currency.
Alternative scenario: If the price breaks below the diagonal support, the correction will deepen and we can see new descending impulse.
SL: 4.5300
Trader Bozhidar Arabadzhiev
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