USD/TRY Forecast Today 15/05: Will Break Lower? (Chart)

(MENAFN- Daily Forex) USD/TRY Trading Signals:Overall Trend: BearishPreferred Timeframe: Short to Medium TermSuitable Strategies: Sell on corrections or wait for breaks of new support levels to enter Entry Points:Bullish Entry Points (Quick Scalps):0.0250: Potential bottom and short-term technical rebound.0.0235: Historical support level Entry Points:0.0275: Nearby technical resistance.0.0300: Significant resistance in case of a correction.0.0320: Key reversal level if reached Turkish Lira has experienced a notable decline against the US Dollar, with the pair continuing to record sharp decreases in recent periods. This reflects ongoing economic pressures on the Turkish economy, related to high inflation rates, declining foreign currency reserves, and inconsistencies in monetary policy. As the price approaches its lowest levels of the year, investors are increasingly focused on short-term expectations and identifying safe entry and exit zones. 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 Technical Analysis and Expectations Today:The TRY/USD pair is currently trading at 0.0258, registering a decline of -30.52% from its opening price, with a daily trading range between a low of 0.0255 and a high of 0.0391. Technically, the daily chart shows a descending channel extending over months, with sellers controlling the trend, the price falling below previous important support levels reinforces the likelihood of a continued downward trend. Technical indicators such as the Relative Strength Index (RSI) remain in oversold territory, which may suggest the possibility of a temporary technical rebound, but the overall trend remains negative unless the price breaks strong resistance at 0300, the pair\u0026#39;s failure to stabilize above the 0.0280 support level in previous sessions reflects weakness in buying momentum and opens the door for further declines towards new historical lows Price Weekly Expectations:TRYUSD pair is expected to continue its movement within the negative range, with the possibility of testing support levels at 0.0250 and potentially lower during the week if pressure on the Lira persists. If an upward correction occurs, the price may reach 0.0275 \u0026ndash; 0.0280 before resuming its decline. Stabilization below 0.0255 would push towards targets at 0.0240 and 0.0235. EURUSD Chart by TradingView Tips for USD/TRY Traders:It is advised to exercise caution and avoid entering long (buy) positions unless the price shows clear reversal signals. Selling on any rebound with a strict stop-loss is a suitable approach in the current phase, given the strength of the downward trend.

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