USDTRY has been on fire recently. USA elections, demographic risks in Turkey and the potential interest rate hike in December have pushed the pair to $3.29 on the election night, trading at $3.24 right now. I would like to emphasise we are talking about 8% rise in 5 trading days!!
We believe the pair is extremely over heated and a sharp drop is imminent. Although we may still see minor sparks, our initial target price is $3.16. We may see a bit of a support there. However it will not be a strong one and the pair should move down to $3.10 level shortly.
Once our target is met, we will update our analysis.
This cannot be considered an investment advice!