USD/COP may rise 2683 - 4033 pips

Our pivot point is at 4216.70.

Our preference

As long as 4216.70 is support look for 4274.80.

Alternative scenario

The downside breakout of 4216.70 would call for 4194.20 and 4180.70.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (4234.90) but above its 50 period moving average (4231).

Supports and resistances

4301.70 **

4288.20 *

4274.80 **

4261.30

4234.47 last

4225.60

4216.70 **

4194.20 *

4180.70 **

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