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EURTRY Price Rushed to the Historical High Around 18.6

9/14/2022 2:12 PM

The EUR/TRY pair is holding below key resistance at 18.6000.

Lira quotes are strengthening after President Recep Tayyip Erdogan unveiled a plan to allocate 50.0B dollars for the construction of new residential buildings and office buildings. As part of the initiative, the government will extend the mortgage repayment period to 20 years to keep monthly payments below 125.0 dollars at a minimum monthly salary of 300.0 dollars. If we pay attention to macroeconomic statistics, then according to the July report, the volume of industrial production in Turkey slowed to 2.4% from 8.8% earlier, and retail sales decreased by 0.3%, which led to a slowdown in the annual rate to 2.0 %.

Despite the decline of the euro against the backdrop of yesterday's report on the index of economic sentiment from ZEW to –60.7 points from –54.9 points, it is the European currency that controls the dynamics of the asset, which will not change soon due to the too large gap in the strength of the economies of the two countries. Until Friday, the current trend may continue, and at the end of the week, statistics on consumer prices in the EU will be released and judging by the strong reaction of the market to yesterday's similar data from the US, we can assume that if the indicator drops below 9.1%, the pair EUR/TRY is expected to rise again.

The trading instrument demonstrates positive dynamics as part of the next wave of global growth, approaching the all-time high around 18.6000.

Technical indicators keep a stable buy signal: the Alligator indicator's EMA oscillation range is directed upwards, and the histogram of the AO oscillator forms rising bars in the buying zone.

Resistance levels: 18.6000, 19.3000. | Support levels: 17.9232, 17.2417.

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