USD/TRY may fall 922 - 1318 pips

Our pivot point is at 34.1422.

Our preference

Target 33.9516.

Alternative scenario

The upside breakout of 34.1422, would call for 34.2087 and 34.2483.

Comment

The RSI is below 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 (34.1207) but above its 50 period moving average (34.0734).

Supports and resistances

34.2483 **

34.2087 *

34.1422 **

34.1160

34.0834 last

33.9912

33.9516 **

33.9120 *

33.8724 **

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