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TRY is under pressure after the start of the European session

USD TRY chart

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At the start of the European session, we see a weakness in the Turkish lira against the dollar and the euro. The move is probably caused by caution in anticipation of the central bankers' meeting today.

For now, on both crosses, the Turkish lira is losing ground, with the price breaking the consolidation that is being formed during the Asian Hours. We can look for short-term long positions that will be a little risky with a short stop below the bottom floor of 7.355 for EURTRY and 6.327 for USDTRY. If we choose this trade, we need to be ready to move the SL aggressively and to be ready to close them shortly before the decision of the Central Bank of Turkey, as a huge volatility is expected. In the most anticipated scenario and rising interest rates, we need to be prepared to take short positions shortly before the news or to use bracelets aproach.

It is imperative to be careful with volumes as this is a very risky trade which development will be difficult to predict.


 Trader Nikolay Georgiev

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