Actually, 5.30 is a physicologic level, and it is not any techical meaning. Major support is at near 5.2930 level. Now there is a high momentum do downside, and there is a high possibility to break it strongly.
You can see that the range is completely same, as 5.40-5.55 channel. Now there is no support under 5.2930, and if it is broken, we will see a sudden slide to 5.17's.
I strongly recommend you not go long at this pair. At the current interest rates, and the support of Turkish Central Bank, all increases should be used as selling opportunity. No one can know the bottom limit. And even bottom is find, no immediate sharp increases will be expected.
So now, just put a sell stop limit to 5.29 with 5.21 tp. There may be a bounce back from 5.17, but it should be used as selling opportunity again.
You can see that the range is completely same, as 5.40-5.55 channel. Now there is no support under 5.2930, and if it is broken, we will see a sudden slide to 5.17's.
I strongly recommend you not go long at this pair. At the current interest rates, and the support of Turkish Central Bank, all increases should be used as selling opportunity. No one can know the bottom limit. And even bottom is find, no immediate sharp increases will be expected.
So now, just put a sell stop limit to 5.29 with 5.21 tp. There may be a bounce back from 5.17, but it should be used as selling opportunity again.