EUR/MXN may fall 1931 - 2896 pips

Our pivot point stands at 21.9977.

Our preference

Under pressure below 21.9977.

Alternative scenario

Above 21.9977, look for 22.1600 and 22.2567.

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 stands below its 20 and 50 period moving average (respectively at 21.8919 and 21.8513). Finally, the EUR/MXN is trading below its lower Bollinger band (standing at 21.8448).

Supports and resistances

22.2567 **

22.1600 *

21.9977 **

21.9339

21.8448 last

21.6517

21.5552 **

21.4587 *

21.3621 **

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