EUR/TRY may fall 3585 - 4434 pips

38.2899 is our pivot point.

Our preference

Target 37.7097.

Alternative scenario

Above 38.2899, look for 38.4333 and 38.5187.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (38.2144) but above its 50 period moving average (38.1164).

Supports and resistances

38.5187 **

38.4333 *

38.2899 **

38.2335

38.1531 last

37.7946

37.7097 **

37.6248 *

37.5399 **

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