The Turkish lira rose during the early trading of the day to reach its highest level in ten days.
Investors followed the statements of Turkish President Recep Tayyip Erdogan to his supporters in one of the states bordering the Black Sea, where the Turkish President insisted on his country's adherence to lowering the interest rate. Erdogan insisted that the size of inflation will decrease by dependence. He added, "The exchange rate will stabilize, inflation will decrease, and prices will decrease as well. All of these things are temporary.
On the technical front, the price of the Turkish lira rose against the dollar during today's early trading, as the lira broke the support levels that are concentrated at 13.45 and 13.40. The Turkish lira settled at the highest levels of the last support centered at 13.30, 13.19 and 13.08. On the other hand, the lira is trading near the resistance levels that are concentrated at 13.65 and 13.73.
The lira is still trading in a limited range despite the big movement today, as it trades up and down around the 50, 100 and 200We expect the lira to decline after it retested the broken trend line on the four-hour time frame, which is located on the chart.Top Forex Brokers
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