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Correlation between the Euro and the Turkish Lira

Correlation between the Euro and the Turkish Lira | 10 August 2020

10 August 2020, EUR/USD

Correlation between the Euro and the Turkish Lira

EURUSD trading plan:

A bearish rally in the Turkish currency will have a negative impact on the value of the European currency. European banks are active in the Turkish market. The lira, which sank to a record low last week as the central bank abandoned some of the policies that had underpinned it for much of this year, extended its declines Monday, dropping as much as 1.2% to trade as low as 7.36 per dollar. Turkey began gunnery exercises Monday to the east and south of the Greek islands of Rhodes and Kastellorizo, potentially exacerbating tensions with Greece over maritime rights in the region.

Trading recommendation: Sell 1.1785 and take profit 1.1747.

David Johnson
Analyst of «FreshForex» company
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