USD/TRY may fall 2245 - 2638 pips

Our pivot point is at 34.0910.

Our preference

The downside prevails as long as 34.0910 is resistance.

Alternative scenario

The upside breakout of 34.0910, would call for 34.1575 and 34.1970.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 34.0685 and 34.0385).

Supports and resistances

34.1970 **

34.1575 *

34.0910 **

34.0649

34.0347 last

33.8102

33.7709 **

33.7315 *

33.6921 **

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