USD/TRY may rise 596 - 840 pips

34.2008 is our pivot point.

Our preference

The upside prevails as long as 34.2008 is support.

Alternative scenario

The downside breakout of 34.2008 would call for 34.1598 and 34.1353.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 34.2412 and 34.2567).

Supports and resistances

34.3922 **

34.3678 *

34.3433 **

34.3189

34.2593 last

34.2169

34.2008 **

34.1598 *

34.1353 **

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