EUR/TRY may rise 1141 - 1700 pips

Our pivot point stands at 34.8148.

Our preference

The upside prevails as long as 34.8148 is support.

Alternative scenario

The downside breakout of 34.8148 would call for 34.7211 and 34.6654.

Comment

The RSI is above its neutrality area at 50. 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 34.8767 and 34.8989). Finally, the EUR/TRY has crossed above its upper Bollinger band (34.9834).

Supports and resistances

35.2870 **

35.2311 *

35.1751 **

35.1192

35.0051 last

34.8516

34.8148 **

34.7211 *

34.6654 **

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