EUR/MXN may fall 2147 - 3183 pips

Our pivot point stands at 19.4439.

Our preference

The downside prevails as long as 19.4439 is resistance.

Alternative scenario

Above 19.4439, look for 19.6181 and 19.7218.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 19.3356 and 19.3906).

Supports and resistances

19.7218 **

19.6181 *

19.4439 **

19.3754

19.2965 last

19.0818

18.9782 **

18.8746 *

18.7710 **

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