The Turkish lira fell during European trading to swallow its morning gains against the US dollar.
The war in Ukraine, in addition to the lira's long-running weakness, caused the country's inflation rate to rise, especially with fuel prices three times higher than their levels a year ago. In this regard, Turkish President Recep Tayyip Erdogan commented on a government orientation to help families during the current inflation period. It is noteworthy that the war in Ukraine has contributed to putting pressure on the price of the lira, with most of the cash flowing into the dollar.
The Turkish lira settled against the dollar without significant changes, as the pair settled within a narrow range on the 60-minute time frame, shown through the rectangle on the chart. However, the pair in general is trading within the general continuous upward trend. The pair is stabilizing above the moving averages 50, 100 and 200, respectively, on the daily time frame, the four-hour time frame, and the pair also bounced from the moving average 50 on the 60-minute time frame.
for the last bearish wave, which started at 20-12-2021 and ended at 23-12-2021. Please adhere to the existing numbers in the recommendation with the need to maintain capital management.
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