EUR/MXN may rise 2120 - 3161 pips

Our pivot point is at 19.2451.

Our preference

The upside prevails as long as 19.2451 is support.

Alternative scenario

The downside breakout of 19.2451 would call for 19.0702 and 18.9661.

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 trading above both its 20 and 50 period moving average (respectively at 19.2905 and 19.2774). Finally, the EUR/MXN has crossed above its upper Bollinger band (19.3818).

Supports and resistances

19.9072 **

19.8031 *

19.6989 **

19.5948

19.3828 last

19.3139

19.2451 **

19.0702 *

18.9661 **

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