USD/TRY may fall 889 - 1285 pips

Our pivot point stands at 34.1519.

Our preference

Target 33.9505.

Alternative scenario

Above 34.1519, look for 34.2185 and 34.2581.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (34.1150) but above its 50 period moving average (34.0740).

Supports and resistances

34.2581 **

34.2185 *

34.1519 **

34.1258

34.0790 last

33.9901

33.9505 **

33.9109 *

33.8713 **

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