EUR/MXN may rise 1491 - 2175 pips

Our pivot point stands at 20.9433.

Our preference

Rebound towards 21.2538.

Alternative scenario

The downside breakout of 20.9433 would call for 20.8284 and 20.7600.

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 negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 21.0708 and 21.1511). Finally, the EUR/MXN is trading below its lower Bollinger band (standing at 21.0376).

Supports and resistances

21.3907 **

21.3222 *

21.2538 **

21.1854

21.0363 last

20.9884

20.9433 **

20.8284 *

20.7600 **

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