Is it tm for the Turkish lira bulls to wake up from hibernation?
1) fundemental analysis:
Last month, we witnessed the bulls occupy the square after the outbreak of Corona's disease and Recep Tayyip Erdogan's announcement of the quarantine decision and the closure of some factories led to the collapse of the lira against the strength of the dollar as a safe haven despite the outbreak of the virus ...
The news of the April 20 outbreak disclosed that "there is a new treatment from Gilad Science Company, Redemption, which is effective for patients with coronavirus," which greatly destabilized the market and we noticed that significantly in the Japanese yen against the rest of the currencies. As for the Turkish lira, we did not witness any A clear change is only accidental, but the thirst for buyers is very clear through the stubborn resistance of 7.00
2) Technical analysis:
The price is now in a sideways price channel in a strong bullish direction, this channel has been in a false breakthrough in terms of support, so we may witness a rise to the top and a breakout of the channel ceiling
The presence of divergence (difference in peaks) suggests a drop
If the bottom of the channel is breached, the price will drop to 6.80 and then to 6.62
As for the channel's breach, the price will likely rise to 7.08 and then to 7.15
Last month, we witnessed the bulls occupy the square after the outbreak of Corona's disease and Recep Tayyip Erdogan's announcement of the quarantine decision and the closure of some factories led to the collapse of the lira against the strength of the dollar as a safe haven despite the outbreak of the virus ...
The news of the April 20 outbreak disclosed that "there is a new treatment from Gilad Science Company, Redemption, which is effective for patients with coronavirus," which greatly destabilized the market and we noticed that significantly in the Japanese yen against the rest of the currencies. As for the Turkish lira, we did not witness any A clear change is only accidental, but the thirst for buyers is very clear through the stubborn resistance of 7.00
2) Technical analysis:
The price is now in a sideways price channel in a strong bullish direction, this channel has been in a false breakthrough in terms of support, so we may witness a rise to the top and a breakout of the channel ceiling
The presence of divergence (difference in peaks) suggests a drop
If the bottom of the channel is breached, the price will drop to 6.80 and then to 6.62
As for the channel's breach, the price will likely rise to 7.08 and then to 7.15
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