We expect the pair to continue rising with the price remaining above the mentioned trendline.

Recommendation of the day on the lira against the dollar

Risk 0.50%.

The recommendation buy trade was activated on Thursday. A profit was made by moving the stop loss point and closing half of the contracts

Best entry points to buy

  • Enter a buy position with a direct order from the current levels 14.79
  • Place your stop-loss point below the support levels of 14.46.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts up to the high resistance levels at 15.00.

Best Selling Entry Points

  • Entering a short position with a pending order from the 15.05 levels.
  • The best points to place the stop loss are above the 15.20 levels.
  • Move the stop loss to the entry zone and continue profiting when the price moves 50 pips.
  • Close half of the contracts with a profit equal to 75 pips and leave the rest of the contracts up to the support level of 14.70
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The Turkish Lira stabilized at the start of Tuesday’s session as it saw no significant changes from yesterday’s session. Investors are awaiting data from the Turkish Central Bank on the country’s interest rate next Thursday, as most expectations show a tendency to stabilize the interest rate due to the high inflation the country is recording. In terms of economic data, the general budget data released this morning showed a surplus recorded during the month of January of around 30 billion pounds, compared to a deficit the previous month. The budget also recorded a surplus during the month of February, amounting to around 70 billion pounds.

The dollar against the pound held its course in the general uptrend, although the momentum of the upside move has slowed. The pair is still trading above the 50, 100 and 200 moving averages, respectively, on all time frames, starting from the 60-minute time frame, through to the four-hour and daily. The pair is also based on the rising trendline over the four-hour period, shown on the chart provided. The pair is trading at the highest support levels, concentrated at 14.65 and 14.55 respectively. On the other hand, the Pound is trading below the resistance levels of 14.90 and 15.00, respectively. It looks like the way is open for the Dollar to make further gains against the Lira as the pair targets resistance levels centered at 15.26. It represents the 61 Fibonacci levels for the last bearish wave, which started on 2021-12 and ended on 2021-12-23, respectively. We expect the pair to continue rising with the price remaining above the mentioned trendline. Please respect the numbers in the recommendation with the need to maintain capital management.

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