USD/COP may rise 1650 - 2470 pips

Our pivot point stands at 4009.30.

Our preference

As long as 4009.30 is support look for 4044.90.

Alternative scenario

The downside breakout of 4009.30 would call for 3995.50 and 3987.30.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (4021.30) but above its 50 period moving average (4009.30).

Supports and resistances

4061.40 **

4053.10 *

4044.90 **

4036.70

4020.20 last

4014.80

4009.30 **

3995.50 *

3987.30 **

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