USD/TRY may fall 844 - 1240 pips

Our pivot point is at 34.1322.

Our preference

The downside prevails as long as 34.1322 is resistance.

Alternative scenario

The upside breakout of 34.1322, would call for 34.1987 and 34.2383.

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 34.0972 and 34.0780).

Supports and resistances

34.2383 **

34.1987 *

34.1322 **

34.1060

34.0767 last

33.9923

33.9527 **

33.9131 *

33.8735 **

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