The setup is purely technical, I'm not considering Turkish fundamentals but if anyone wants to expand on them, maybe they can shed some light on this setup.
Feel free to leave your comments.
Good luck if taking this trade.
Time at Mode FX
Looking solid, took a 3 ATR entry first, will add once we get further confirmation. Downside is gigantic.
Since I posted it, USDTRY effectively topped. I think it's still in play, with a 55% probability at least.
View of the FOMC key support and resistance levels.
If we break down convincingly, huge downside opens up.
I'll wait, not safe to short yet.
Expect a retracement since we hit the first target, but it could just continue marching down.