EUR/TRY may rise to 38.6125 - 39.1478

Our pivot point is at 36.6625.

Our preference

The upside prevails as long as 36.6625 is support.

Alternative scenario

The downside breakout of 36.6625 would call for 35.7675 and 35.2347.

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 above its 20 and 50 period moving average (respectively at 36.4813 and 35.8318).

Supports and resistances

40.2184 **

39.6831 *

39.1478 **

38.6125

37.5182 last

37.0142

36.6625 **

35.7675 *

35.2347 **

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