USD/TRY may fall 878 - 1278 pips

34.0728 is our pivot point.

Our preference

The downside prevails as long as 34.0728 is resistance.

Alternative scenario

Above 34.0728, look for 34.1400 and 34.1800.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 34.0465 and 34.0639).

Supports and resistances

34.1800 **

34.1400 *

34.0728 **

34.0464

34.0094 last

33.9216

33.8816 **

33.8416 *

33.8017 **

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