USD/TRY may fall 1097 - 1341 pips

Our pivot point is at 34.3327.

Our preference

The downside prevails as long as 34.3327 is resistance.

Alternative scenario

The upside breakout of 34.3327, would call for 34.3738 and 34.3982.

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 stands below its 20 and 50 period moving average (respectively at 34.2669 and 34.2753).

Supports and resistances

34.3982 **

34.3738 *

34.3327 **

34.3166

34.2658 last

34.1561

34.1317 **

34.1074 *

34.0830 **

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