EUR/MXN may rise 1422 - 2106 pips

Our pivot point is at 20.9792.

Our preference

Rebound towards 21.2889.

Alternative scenario

The downside breakout of 20.9792 would call for 20.8644 and 20.7960.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 21.1243 and 21.2064).

Supports and resistances

21.4257 **

21.3573 *

21.2889 **

21.2205

21.0783 last

21.0243

20.9792 **

20.8644 *

20.7960 **

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