EUR/MXN may rise to 21.2534 - 21.8845

Our pivot point stands at 18.9294.

Our preference

The upside prevails as long as 18.9294 is support.

Alternative scenario

The downside breakout of 18.9294 would call for 17.8820 and 17.2585.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 18.6384 and 18.2966).

Supports and resistances

23.1465 **

22.5155 *

21.8845 **

21.2534

19.8451 last

19.3409

18.9294 **

17.8820 *

17.2585 **

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