EUR/TRY may rise 1609 - 2399 pips

Our pivot point stands at 35.5942.

Our preference

The upside prevails as long as 35.5942 is support.

Alternative scenario

Below 35.5942, expect 35.4616 and 35.3828.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 35.6059 and 35.5701). Finally, the EUR/TRY has crossed above its upper Bollinger band (35.7328).

Supports and resistances

36.1400 **

36.0610 *

35.9820 **

35.9030

35.7421 last

35.6462

35.5942 **

35.4616 *

35.3828 **

Number of asterisks represents the strength of support and resistance levels.