USD/TRY may rise 362 - 517 pips

Our pivot point is at 34.2325.

Our preference

The upside prevails as long as 34.2325 is support.

Alternative scenario

The downside breakout of 34.2325 would call for 34.2065 and 34.1910.

Comment

The RSI is above its neutrality area at 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 34.2457 and 34.2393).

Supports and resistances

34.3360 **

34.3205 *

34.3050 **

34.2895

34.2533 last

34.2428

34.2325 **

34.2065 *

34.1910 **

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