USD/TRY may fall 431 - 583 pips

Our pivot point is at 34.3001.

Our preference

The downside prevails as long as 34.3001 is resistance.

Alternative scenario

Above 34.3001, look for 34.3258 and 34.3410.

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 stands below its 20 and 50 period moving average (respectively at 34.2627 and 34.2644).

Supports and resistances

34.3410 **

34.3258 *

34.3001 **

34.2901

34.2606 last

34.2175

34.2023 **

34.1870 *

34.1718 **

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