USD/TRY Forecast Today 08/05: Key Support At 0.025 (Chart)

(MENAFN- Daily Forex) The Turkish Lira is experiencing a significant decline against the US Dollar, with the current price at 0.0259, a substantial drop from the opening price of 0.0371. This represents a negative change of -30.29%, reflecting strong selling pressure on the Turkish currency in the current period Technical Analysis and Expectations Today:The Turkish Lira is trading in a very low range, having sharply lost strength against the US Dollar. The price is moving in a clear downward trend, breaking previous support levels such as 0.0300 and 0.0280, and is currently approaching the crucial support zone at 0.0255, which is the lowest daily point so far. If this level is broken, the decline may extend towards 0.0240 or even 0.0225. Conversely, the most significant resistance remains at 0.0285, followed by 0.0300, which will be key barriers to any attempt at a rebound. 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, });Bearish Entry Points:Sell if the 0.0255 support is clearly broken after any failed rebound from the 0.0280 zone upon failure to break above the 0.0300 resistance Entry Points:Buy only if the price rebounds from the 0.0255 level with strong reversal signals appearing if the price breaks above the 0.0300 level with a confirmed daily close cautiously with confirmation from technical indicators such as RSI and MACD Target and Stop-Loss:Target: 0.0240Stop-Loss: 0.0285 EURUSD Chart by TradingView USD/TRY Trading Signals:The overall trend is clearly bearish, and the current recommendation is to hold sell positions or enter new sell positions if 0.0255 is broken. Furthermore, it is preferable to avoid buy trades unless strong signals of a trend reversal appear Outlook for the Turkish Lira Pressure on the Turkish Lira is expected to continue if there is no intervention from the central bank or improvement in economic indicators. If the current trend persists, we may see the price heading towards 0.0240 or lower. However, in the event of a surprise rebound, 0.0285 remains the first real resistance for USD/TRY Traders:Strict capital management is advised given this volatility and avoid rushing into buy trades without clear confirmation of a trend reversal.

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