EUR/MXN may rise 2099 - 3148 pips

Our pivot point stands at 19.6290.

Our preference

The upside prevails as long as 19.6290 is support.

Alternative scenario

Below 19.6290, expect 19.4529 and 19.3480.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 19.6838 and 19.6370). Finally, the EUR/MXN is trading above its upper Bollinger band (standing at 19.7740).

Supports and resistances

20.3075 **

20.2026 *

20.0976 **

19.9927

19.7828 last

19.6983

19.6290 **

19.4529 *

19.3480 **

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