USDTRY is in a long term uptrend and there is no clue of slowing down or any reversal sign, despite a huge pullback I’m very bearish on Turkish Lira because of Turkey geopolitical issues and sick economy.
As you can see we have a pullback, and I think its a great opportunity to ride this trend and make a few bucks from it.
The position is a long term one, and you might have to hold it for few months to few years so don’t expect anything in short term.
You can set your stop loss to 4.5 and target to 7.5, the reason I choose 7.5 was that each previous rally gained around 40%-45%, so if you add 45 to the current price level you will come up with something around 7.5.
The 4.5 is previous demand or support zone.