EUR/MXN may rise 1480 - 2189 pips

Our pivot point is at 19.3639.

Our preference

The upside prevails as long as 19.3639 is support.

Alternative scenario

The downside breakout of 19.3639 would call for 19.2452 and 19.1746.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 19.2607 and 19.1608). Finally, the EUR/MXN has crossed above its upper Bollinger band (19.4851).

Supports and resistances

19.8876 **

19.8167 *

19.7457 **

19.6748

19.5268 last

19.4105

19.3639 **

19.2452 *

19.1746 **

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