USD/COP may rise 2395 - 3595 pips

Our pivot point stands at 4249.40.

Our preference

As long as 4249.40 is support look for 4301.20.

Alternative scenario

The downside breakout of 4249.40 would call for 4229.30 and 4217.30.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (4265.80) but above its 50 period moving average (4259).

Supports and resistances

4325.20 **

4313.20 *

4301.20 **

4289.20

4265.25 last

4257.30

4249.40 **

4229.30 *

4217.30 **

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