USD/TRY may rise 240 - 358 pips

34.2506 is our pivot point.

Our preference

The upside prevails as long as 34.2506 is support.

Alternative scenario

The downside breakout of 34.2506 would call for 34.2308 and 34.2190.

Comment

The RSI is above 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 34.2143 and 34.1707).

Supports and resistances

34.3504 **

34.3386 *

34.3267 **

34.3149

34.2909 last

34.2584

34.2506 **

34.2308 *

34.2190 **

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