EURTRY breakout happened
Roughly one month ago I pondered about a breakout of the turkish lira.
Now it seems this scenario might happen.
Breakout of downward trending line is clearly visible. Move is probably backed by geopolitical tensions directly involving Turkey and economic threats being issued by the US against the country.
In the most optimistic case, we could see prices of 8 and above again.
Timeframe 3 months.
If price dips again under 6.20, the scenario clearly didn't play out.
This is also where I would put my stop
Now it seems this scenario might happen.
Breakout of downward trending line is clearly visible. Move is probably backed by geopolitical tensions directly involving Turkey and economic threats being issued by the US against the country.
In the most optimistic case, we could see prices of 8 and above again.
Timeframe 3 months.
If price dips again under 6.20, the scenario clearly didn't play out.
This is also where I would put my stop
Note
Little lashback tomorrow morning. Thrusting through 6.6 would have been way better to really establish a "higher high", now it looks like we only have a high on pretty much the same level as end of August. If we are higher than 6.6 by the end of the week I will stay bullish, otherwise this breakout might have been false alarm
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.