EUR/MXN may fall 582 - 874 pips

Our pivot point is at 18.2492.

Our preference

The downside prevails as long as 18.2492 is resistance.

Alternative scenario

Above 18.2492, look for 18.2982 and 18.3274.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 18.2142 and 18.1964). Finally, the EUR/MXN is trading below its lower Bollinger band (standing at 18.1922).

Supports and resistances

18.3274 **

18.2982 *

18.2492 **

18.2299

18.1787 last

18.1205

18.0913 **

18.0622 *

18.0330 **

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