EUR/TRY may fall 1331 - 1824 pips

Our pivot point stands at 35.4906.

Our preference

The downside prevails as long as 35.4906 is resistance.

Alternative scenario

The upside breakout of 35.4906, would call for 35.5736 and 35.6231.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 35.4773 and 35.4073). Finally, the EUR/TRY is trading below its lower Bollinger band (standing at 35.3886).

Supports and resistances

35.6231 **

35.5736 *

35.4906 **

35.4579

35.3838 last

35.2507

35.2014 **

35.1521 *

35.1027 **

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