EUR/TRY may rise 1298 - 1942 pips

Our pivot point stands at 36.4457.

Our preference

The upside prevails as long as 36.4457 is support.

Alternative scenario

The downside breakout of 36.4457 would call for 36.3378 and 36.2735.

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 above its 20 and 50 period moving average (respectively at 36.3674 and 36.2195). Finally, the EUR/TRY is trading above its upper Bollinger band (standing at 36.5362).

Supports and resistances

36.9026 **

36.8382 *

36.7739 **

36.7095

36.5797 last

36.4882

36.4457 **

36.3378 *

36.2735 **

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