USD/TRY may fall 256 - 374 pips

34.2560 is our pivot point.

Our preference

The downside prevails as long as 34.2560 is resistance.

Alternative scenario

The upside breakout of 34.2560, would call for 34.2758 and 34.2876.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 34.2541 and 34.2440).

Supports and resistances

34.2876 **

34.2758 *

34.2560 **

34.2482

34.2358 last

34.2102

34.1984 **

34.1866 *

34.1748 **

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