EUR/TRY may fall 1677 - 2355 pips

Our pivot point stands at 35.1716.

Our preference

The downside prevails as long as 35.1716 is resistance.

Alternative scenario

The upside breakout of 35.1716, would call for 35.2858 and 35.3538.

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 35.1479 and 35.1812). Finally, the EUR/TRY has penetrated its lower Bollinger band (35.0479).

Supports and resistances

35.3538 **

35.2858 *

35.1716 **

35.1268

35.0211 last

34.8534

34.7856 **

34.7178 *

34.6500 **

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