USD/TRY Forecast Today 03/07: Bearish Trend (Chart)

(MENAFN- Daily Forex) Bullish Entry Points:Buy at the 0.0250 level if rebound candlesticks or positive divergence appear in technical indicators again upon a confirmed daily close breakout above the 0.0270 technical resistance level Targets: 0.0290 \u0026ndash; 0.0315 \u0026ndash; 0.0340Suggested Stop Loss: 0.0235Bearish Entry Points:Sell from the technical resistance levels of 0.0270 \u0026ndash; 0.0285 if reversal signals emerge agian upon a clear break of the 0.0250 level with a 4-hour or longer closing candle levels: 0.0240 \u0026ndash; 0.0225 \u0026ndash; 0.0210Suggested stop loss: 0.0280The Turkish lira continued its sharp decline against the US dollar, reaching an exchange rate of 0.0251 USD. This significant drop came after the pair opened trading at 0.0371, marking a daily loss of 0.0120 points, or a decline of approximately 32.47%.Meanwhile, this decline highlights the ongoing economic and monetary pressures facing the Turkish economy at a time when it is struggling with high inflation and weak investor confidence. The highest price during the session was 0.0391, while the lowest touched 0.0250, clearly reflecting the lira\u0026rsquo;s continued and accelerating depreciation Analysis of Turkish Lira vs. Dollar 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, });From a technical perspective, the Turkish Lira/US Dollar pair has been showing a clear and continuous bearish trend for weeks. The price is currently trading below key moving averages, such as the 50-day and 100-day averages, which reinforces the likelihood of the bearish trend continuing in the short to medium term the other hand, momentum indicators, such as the Relative Strength Index (RSI), continue to trade in oversold areas, without yet giving strong rebound signals. Regarding the closest support line, the psychological level of 0.0250 remains key. A clear break below this level could open the way to lower levels not seen in years, with the possibility of continued decline if effective political and monetary support from Turkish financial authorities remains absent. EURUSD Chart by TradingView USD/TRY Trading Signals:Given the overall bearish trend, selling opportunities remain the best option for speculators, especially during any corrective rallies to technical resistance levels currently remains risky unless strong signs of a true reversal appear. It is imperative to adhere strictly to capital management and avoid rushing into opening positions without confirmed entry signals Price Forecast for the Coming Days:Based on the ambiguous economic conditions, the Turkish Lira is expected to remain weak against the Dollar in the upcoming period the 0.0250 level is broken, we could see a decline towards lower levels, reaching 0.0220 and possibly 0.0200, especially if no effective measures are taken by the Turkish Central Bank to curb this collapse, if a technical rebound supported by positive news appears, the pair might retest the 0.0275 level for USD/TRY Traders:Traders are advised to exercise caution when dealing with this pair, especially given the severity of its fluctuations.

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