EUR/TRY may rise 1248 - 1784 pips

Our pivot point stands at 37.4611.

Our preference

The upside prevails as long as 37.4611 is support.

Alternative scenario

The downside breakout of 37.4611 would call for 37.3710 and 37.3174.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 37.4856 and 37.4947). Finally, the EUR/TRY has crossed above its upper Bollinger band (37.5420).

Supports and resistances

37.8315 **

37.7778 *

37.7241 **

37.6705

37.5457 last

37.4965

37.4611 **

37.3710 *

37.3174 **

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