USD/TRY may fall 1716 - 1833 pips

Our pivot point stands at 34.1789.

Our preference

The downside prevails as long as 34.1789 is resistance.

Alternative scenario

The upside breakout of 34.1789, would call for 34.1987 and 34.2105.

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 is trading under both its 20 and 50 period moving average (respectively at 34.1822 and 34.1782).

Supports and resistances

34.2105 **

34.1987 *

34.1789 **

34.1711

34.1582 last

33.9866

33.9749 **

33.9631 *

33.9514 **

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