USD/TRY may rise 517 - 762 pips

Our pivot point is at 34.1578.

Our preference

The upside prevails as long as 34.1578 is support.

Alternative scenario

The downside breakout of 34.1578 would call for 34.1169 and 34.0925.

Comment

The RSI is above 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 34.2587 and 34.2267).

Supports and resistances

34.4171 **

34.3926 *

34.3682 **

34.3437

34.2920 last

34.1739

34.1578 **

34.1169 *

34.0925 **

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