like I couldn't find a thread for I have chosen to open one we can go over the pair. It is really intriguing pair right now and I am in a position. The EUR is overvalued in my opinion when compared to this TRY due to the good fundamentals on the Turkish market, the interest rates as you earn while retaining the position even if it does not change. So far that the TRY has gained aprox 15% against the EUR since the summit in 2.3 but I believe that the trend is still down for the EUR and this really is a great prospect. Saxo bank and also RBS urge this position this year.
The spreads are a bit higher compared to major pairs, I have observed eur/try everywhere from 3.0-24.00 pip spread. Before the NY session begins, I usually try to get in about 2 hours. That is when I've noticed it is the cheapest.
TRY/JPY generally has about 6 pip spread. I used a disperse indior to document the spreads to find out its point during each session for each broker.
I had a glance on this via Oanda last night / this morning
The spreads where as follows (GMT)
8pm = 30 pips 9pm 60 pips 10.30pm 100 pips 7.30 am 10 pips
Anyway I shorted a lot at 2.2756 cost me 30 pips for 3.5 GBP per pip
I believe watching PA is a lot more interesting when there's money at stake.
This is not a scalping currency -)
I am really considering a brief carry with this trade as the rollover is fine and it happens to be at an area that may be traded. I've just started looking at this pair so that it would be nice to have others share their ideas. I've noticed this pair correlates nicely with EUR/USD but at the time of studying euro power might be arriving and could break resistance. Any ideas?
The attached chart is eur/try using 3 moving averages for contrast and eur/usd price action to reveal the correlation.
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