EUR/MXN may fall 1837 - 2686 pips

21.7803 is our pivot point.

Our preference

Target 21.3746.

Alternative scenario

The upside breakout of 21.7803, would call for 21.9231 and 22.0082.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (21.6760) but above its 50 period moving average (21.6223). Finally, the EUR/MXN is trading below its lower Bollinger band (standing at 21.6445).

Supports and resistances

22.0082 **

21.9231 *

21.7803 **

21.7241

21.6432 last

21.4595

21.3746 **

21.2898 *

21.2049 **

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