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On January 18th, several members of the European Parliament stated on the 17th that the trade agreement reached between the US and Europe last July would not be approved due to US threats against Greenland. They also called for the use of anti-coercion tools in response to the US tariffs. Manfred Weber, chairman of the European Peoples Party (EPP), the largest group in the European Parliament, said in a statement that escalating tensions between the US and Europe mean the European Parliament will not support the agreement. Given the US threats against Greenland, the party cannot ratify the agreement at this stage, and the zero-tariff measures on relevant US products must be suspended.On January 18th, thousands of Danish residents held a demonstration in Copenhagen, the capital, on the 17th to protest the United States attempt to control Greenland. Some of the demonstrators were from mainland Denmark, while others were from Greenland. Around noon, the march began at Copenhagens City Hall Square and proceeded to the US Embassy in Denmark, about two kilometers away. The demonstrators held signs reading "Greenland Not for Sale" and "Americans, Get Out," chanting slogans to express the Danish peoples united stance against the USs attempt to seize the island.1. Russia says it hopes to resume the prisoner-of-war exchange process between Russia and Ukraine. 2. Zelensky: The Ukrainian delegation has arrived in the United States. 3. Zelensky orders the import of electricity and additional power equipment to be expedited as much as possible. 4. Zelensky: Energy repair work is underway in almost all regions of Ukraine. 5. Russian Ministry of Defense: Russian forces have taken control of Priluki in the Zaporizhzhia region of Ukraine. 6. The Russian Ministry of Defense reports that Russian forces have struck energy and transportation infrastructure used by the Ukrainian army, as well as temporary deployment points of the Ukrainian armed forces and foreign mercenaries.January 18 - As tensions continue in Minneapolis, Minnesotas largest city, Minnesota officials announced on the 17th that the states National Guard was on "standby." That day, pro-immigrant and anti-immigrant groups clashed in downtown Minneapolis.JPMorgan Chase confirmed that US President Trumps statement that he did not offer CEO Jamie Dimon the position of Federal Reserve Chairman was true.

USD/TRY Price Analysis: Weekly support breach points to additional drop towards 16.00

Jun 01, 2022 14:48

USD/TRY stays pushed at 16.40, following many days of silence, until early Wednesday morning in Europe.

 

In doing so, the Turkish Lira (TRY) pair justifies the recent negative breach of a one-week-old ascending trend line with lower RSI, not oversold.

 

Given the USD/TRY pair’s frequent failures to renew the yearly high, as well as the current trend line break and stable RSI, the quotation is likely dropping towards the 200-HMA level near 16.20.

 

Around the pair’s decline past 16.20, repeated peaks set during May 25-26 can test the USD/TRY bears around 16.15, a breach of which might drive them to the 16.00 level.

 

Meanwhile, a confluence of the prior support line and recent high at $16.47 shields the short-term USD/TRY upward. Ahead of that, a one-week-old horizontal line at 16.43 may test pair buyers.

 

It’s worth noting that the USD/TRY run-up beyond 16.47 won’t hesitate to reach the 17.00 round figure while seeking the late 2021 high of 18.35.

USD/TRY

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