USD/TRY may fall 657 - 946 pips

32.2275 is our pivot point.

Our preference

Under pressure below 32.2275.

Alternative scenario

The upside breakout of 32.2275, would call for 32.2760 and 32.3049.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 32.1820 and 32.1796).

Supports and resistances

32.3049 **

32.2760 *

32.2275 **

32.2085

32.1795 last

32.1138

32.0849 **

32.0561 *

32.0272 **

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