USD/COP may rise 2390 - 3580 pips

Our pivot point stands at 4227.30.

Our preference

As long as 4227.30 is support look for 4278.80.

Alternative scenario

The downside breakout of 4227.30 would call for 4207.20 and 4195.30.

Comment

The RSI is above 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 (4243.40) but above its 50 period moving average (4233.80).

Supports and resistances

4302.60 **

4290.70 *

4278.80 **

4266.90

4243.00 last

4235.10

4227.30 **

4207.20 *

4195.30 **

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