USD/COP may rise 2470 - 3700 pips

4114.30 is our pivot point.

Our preference

As long as 4114.30 is support look for 4167.60.

Alternative scenario

The downside breakout of 4114.30 would call for 4093.60 and 4081.20.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (4131.30) but above its 50 period moving average (4108.10).

Supports and resistances

4192.30 **

4180.00 *

4167.60 **

4155.30

4130.60 last

4122.40

4114.30 **

4093.60 *

4081.20 **

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