EUR/MXN may rise 599 - 899 pips

Our pivot point stands at 18.6485.

Our preference

The upside prevails as long as 18.6485 is support.

Alternative scenario

Below 18.6485, expect 18.5981 and 18.5682.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 18.4718 and 18.4513). Finally, the EUR/MXN has crossed above its upper Bollinger band (18.6974).

Supports and resistances

18.8515 **

18.8215 *

18.7915 **

18.7615

18.7016 last

18.6682

18.6485 **

18.5981 *

18.5682 **

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