USD/TRY may rise 258 - 376 pips

Our pivot point stands at 34.1085.

Our preference

The upside prevails as long as 34.1085 is support.

Alternative scenario

The downside breakout of 34.1085 would call for 34.0887 and 34.0770.

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 34.2600 and 34.2599).

Supports and resistances

34.3252 **

34.3134 *

34.3016 **

34.2898

34.2640 last

34.1162

34.1085 **

34.0887 *

34.0770 **

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