Faces More Downside Pressure (Chart)

(MENAFN– Daily Forex) The Turkish Lira continues to weaken against the US Dollar, with the latest price recorded at 0.0255, showing no significant improvement since opening at 0.0371, a sharp decline of about 31%.This movement reflects the economic challenges facing the Turkish economy, including double-digit inflation and a loss of confidence in monetary policy tools, despite interest rate hikes by the Turkish Central Bank Analysis of the Turkish Lira Price:From a technical perspective, the pair shows a clear downward trend in the medium and short term. Technically, the price settled at 0.0255 after successive declines from the 0.0371 area. Furthermore, technical indicators like the Moving Averages (MA50 and MA100) continue to point to clear selling pressure, the price is moving near a strong support area at 0.0250. If this level is clearly broken with a decisive close, it could head towards the next support at 0.0238, then to 0.0220. On the resistance side, the first real resistance lies at 0.0270, followed by a stronger resistance at 0.0288. Meanwhile, these areas are likely to see sellers re-emerge unless they are breached firmly/USD (Daily)Suggested Entry Points:Bullish Entry Points:Entry: Enter after a close above 0.0272 to confirm a break of the first resistance:First Target: 0.0288Second Target: 0.0305Stop Loss: 0.0258Bearish Entry Points:Entry: Sell on a clear and sustained break of the support level 0252:First Target: 0.0240Second Target: 0.0225Stop Loss: 0.0262 Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });TRYUSD Price Forecast for the Coming Days:Given the persistence of negative factors surrounding the Lira, such as high inflation and limited interventions by the Central Bank, negative pressure on the Lira is expected to continue in the coming weeks. A break of the 0.0250 level could open the way for new lows at 0.0240 and then 0.0225. However, if unexpected positive domestic data from Turkey emerges or there\u0026#39;s direct monetary intervention, we might see a limited upward correction towards 0.0280 or 0300/TRY Trading Signals:The continuation of the downward trend leads us to recommend selling from nearby resistance levels, with a focus on monitoring any new breaks of support. Obviously, buying remains risky unless a strong reversal signal or decisive government intervention appears. It\u0026#39;s preferable to use pending orders and wait for clear technical confirmations before making a decision. EURUSD Chart by TradingView Tips for USD/TRY Traders:Beware of emotional trading in markets with a clear trend. Do not try to catch the bottom in a sharp downtrend; instead, focus on trading with the trend. Always monitor political and economic news related to Turkey, as it directly and quickly impacts the Lira\u0026#39;s price. Therefore, always use a stop-loss, and do not risk more than 2% of your capital on a single trade.

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