USD/TRY may fall 806 - 1201 pips

Our pivot point is at 34.0960.

Our preference

Target 33.9209.

Alternative scenario

Above 34.0960, look for 34.1625 and 34.2020.

Comment

The RSI is below its neutrality area at 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 (34.0597) but above its 50 period moving average (34.0369).

Supports and resistances

34.2020 **

34.1625 *

34.0960 **

34.0699

34.0410 last

33.9604

33.9209 **

33.8813 *

33.8418 **

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