USDTRY is bouncing with the long-term trendline for a possible extension higher
USDTRY is testing the confluence of the upside support 5.6000-5.6100 zone. Here we need to see a bounce and a break above 5.7700 for an upside extension.
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Open the account and deposit $500 or more and trade with our recommended broker and get our three months free premium membership with full trading support!On a 4 hour chart, we can see a potential two-sided trade. This is providing an excellent trading opportunity with a good risk to reward long/short entry. You can place a short trade even at the market with the stop loss above the 5.61 00 level in the case we have a daily close below the 5.6000 level targeting lower. You can place a long-trade entry with the stop loss below a 5.6500 level in case of a daily close above 5.7700. ARMAT trading system is indicating a potential 400 pips of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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