Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

We're Watching USD/TRY, EUR/USD And GBP/USD

By Emre KaraogluMarket OverviewJun 07, 2018 03:39AM ET
We're Watching USD/TRY, EUR/USD And GBP/USD
By Emre Karaoglu   |  Jun 07, 2018 03:39AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

USD/TRY: Turkey Interest Rate Decision will be published today.

If we look at last month, due to the Turkish lira weakness, Turkey's central bank interest rates have increased unexpectedly. Late Liquidity raised its lending rate by 300 basis points to 16.5%. Also, the CBRT took a simplification step and then they updated the Central Bank policy interest rate as 16.50% too. The overnight borrowing and lending rates of the Central Bank are determined by a margin of - / + 150 basis points compared to the one-week repo rate. However, the USD/TRY downward reaction was limited after the surprise decisions

Looking ahead, today’s rate decision will be very critical for Turkish lira, especially just before the election, The Central Bank should continue to have the tight monetary policy. As long as inflation and unemployment remain in double-digit levels, the TL weakness is most likely dominate.

If there is no change in interest rates today, we might see bullish action in USD/TRY pair. At this point, The resistance levels can be found at 4.6620 and 4.7520. On the other hand, If the central bank hikes rate, we will see 4.4656 and 4.3935 as support levels.

Support: 4.4656 – 4.3935 – 4.3489

Resistance: 4.5798 – 4.6620 – 4.7520

EUR/USD: We will focus on the eurozone GDP growth numbers for the first quarter today. The GDP is expected to come out at 0.4% q-o-q growth as the same as previous number. This would lead to an annual realization of 2.5%. A better than expected realization may support EUR/USD.

The euro has extended gains versus the US dollar and it is now testing the daily resistance level of 1.1812. In order for the rise to continue, it needs to go beyond 1.1812 and sustain above that level on a daily basis. At this point, the next resistance level will be at 1.1884. Otherwise, the upward movement may be limited and we will see 1.1768 and 1.1720 as support level again.

Support: 1.1768 – 1.1720 – 1.1660

Resistance: 1.1812 – 1.2884 – 1.1968

GBP/USD: The GBP/USD pair hit the major resistance level of 1.3447. In order for the bullish action to continue, it needs to rise and stay above 1.3447 on a daily basis. At this point, the next resistance level can be found at 1.3536. Otherwise, the rise may be limited and we will face support level at 1.3338.

Support: 1.3338 – 1.3241 – 1.3198

Resistance: 1.3536 – 1.3651 – 1.3745

We're Watching USD/TRY, EUR/USD And GBP/USD

Related Articles

We're Watching USD/TRY, EUR/USD And GBP/USD

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email