EUR/MXN may fall 1732 - 2428 pips

Our pivot point stands at 19.3005.

Our preference

The downside prevails as long as 19.3005 is resistance.

Alternative scenario

The upside breakout of 19.3005, would call for 19.4177 and 19.4874.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 19.3399 and 19.4075). Finally, the EUR/MXN has penetrated its lower Bollinger band (19.2162).

Supports and resistances

19.4874 **

19.4177 *

19.3005 **

19.2545

19.2085 last

19.0353

18.9657 **

18.8961 *

18.8265 **

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