I remember very well the time that USD vs. Italian Lira and it's DEMITL cross for way out of boundaries when it came to RSI and trading bands.
The Turkish Central bank cut rates once again as a note, but if one views the forward points, the positive carry (IF LONG TRY) is rewarding and make the SHORT SELL worthwhile consideration. The move by the Central bank shows they are easing, whilst inflation rate is extremely high, and for that reason it scares the market.
Comparing Italian Lira era, we are in a similar faith under extreme overbought conditions, and no matter how horrible it looks, gravity will take care eventually. SELL and SELL USDTRY at current 10.75 - 11.25 for corrective objective 9.4200.
No stop-loss I feel is warranted here, but ensure careful positioning with low leveraging.
The Turkish Central bank cut rates once again as a note, but if one views the forward points, the positive carry (IF LONG TRY) is rewarding and make the SHORT SELL worthwhile consideration. The move by the Central bank shows they are easing, whilst inflation rate is extremely high, and for that reason it scares the market.
Comparing Italian Lira era, we are in a similar faith under extreme overbought conditions, and no matter how horrible it looks, gravity will take care eventually. SELL and SELL USDTRY at current 10.75 - 11.25 for corrective objective 9.4200.
No stop-loss I feel is warranted here, but ensure careful positioning with low leveraging.