EUR/MXN may rise 2248 - 3155 pips

Our pivot point stands at 19.7281.

Our preference

Rebound.

Alternative scenario

The downside breakout of 19.7281 would call for 19.5762 and 19.4858.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (19.7926) but below its 50 period moving average (19.9222). Finally, the EUR/MXN has crossed above its upper Bollinger band (19.8506).

Supports and resistances

20.3685 **

20.2777 *

20.1870 **

20.0963

19.8715 last

19.7878

19.7281 **

19.5762 *

19.4858 **

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