USD/COP may rise 2480 - 3720 pips

Our pivot point stands at 4050.60.

Our preference

As long as 4050.60 is support look for 4104.20.

Alternative scenario

The downside breakout of 4050.60 would call for 4029.80 and 4017.40.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (4069.20) but above its 50 period moving average (4055.60).

Supports and resistances

4129.00 **

4116.60 *

4104.20 **

4091.80

4067.00 last

4058.80

4050.60 **

4029.80 *

4017.40 **

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