EUR/TRY may rise to 37.1973 - 37.7411

Our pivot point is at 35.1686.

Our preference

The upside prevails as long as 35.1686 is support.

Alternative scenario

The downside breakout of 35.1686 would call for 34.2608 and 33.7205.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 35.3646 and 35.1138). Finally, the EUR/TRY is trading above its upper Bollinger band (standing at 36.0883).

Supports and resistances

38.8286 **

38.2848 *

37.7411 **

37.1973

36.0929 last

35.5253

35.1686 **

34.2608 *

33.7205 **

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