EUR/MXN may rise to 22.1376 - 22.5798

20.3692 is our pivot point.

Our preference

The upside prevails as long as 20.3692 is support.

Alternative scenario

Below 20.3692, expect 19.6370 and 19.2012.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 19.9177 and 19.6614). Finally, the EUR/MXN is trading above its upper Bollinger band (standing at 21.1664).

Supports and resistances

23.4643 **

23.0220 *

22.5798 **

22.1376

21.1753 last

20.6568

20.3692 **

19.6370 *

19.2012 **

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