EURTRY Rejected at 44 – Time to Drop?

2 Mei

📉 EURTRY Hits 43 – Time to Drop? 🧭💥

The EURTRY has just reached 43, completing a multi-year journey that began with our pinpoint entries from as low as 15.7. The rejection at 44.2, just beneath the technical resistance at 45.5, signals a likely pause—and possibly a sharp reversal.

🧠 Trade History Recap:
• Rejection at 10 ➝ Support at 8 ➝ Target 15.7 hit
• Entry at 20 ➝ Target 26.5 ➝ Final Target 43 ✅
• Now, we’re setting sights on a retracement to 33 based on Fibonacci levels.

🔽 Short-Term View:
With the upside target hit, we're now anticipating a short-term pullback to 40, and possibly deeper toward 33, as seen in the newly drawn projections. The rejection candle confirms bearish pressure.

📰 Macroeconomic Backdrop:
• April 2025: Turkey’s central bank raised rates to 46% to contain inflation and stabilize the Lira.
• Despite rate hikes, TRY remains under pressure, with over $25 billion in reserves used to defend it.
• Inflation expectations have surged to 29.75% by year-end, reflecting economic instability.

💬 Takeaway:
We may be entering a new chapter. The beast (inflation) is being fought hard, but fundamentals still point to continued volatility. This is a spot to consider profit-taking or even short setups.

🛍️ Bonus thought: This may also be a great time for a visit to Istanbul while the Lira remains weak.

🌍 To our Turkish friends: Peace, stability, and stronger days ahead. Our charts are technical, but our message is human.

One Love,
The FXPROFESSOR 💙

2 Mei

Dagangan aktif

Been Long for a LONG time on this. Time to go short as chart says this could be time for the Turkish Lira to recover a lot of losses