USD/TRY may fall 2396 - 3083 pips

Our pivot point is at 33.1880.

Our preference

Target 32.7789.

Alternative scenario

The upside breakout of 33.1880, would call for 33.3038 and 33.3728.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (33.0938) but above its 50 period moving average (33.0800).

Supports and resistances

33.3728 **

33.3038 *

33.1880 **

33.1425

33.0872 last

32.8476

32.7789 **

32.7102 *

32.6414 **

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