EUR/MXN may fall 2080 - 3088 pips

19.9110 is our pivot point.

Our preference

The downside prevails as long as 19.9110 is resistance.

Alternative scenario

Above 19.9110, look for 20.0805 and 20.1814.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 19.8598 and 19.8683).

Supports and resistances

20.1814 **

20.0805 *

19.9110 **

19.8444

19.7778 last

19.5698

19.4690 **

19.3681 *

19.2673 **

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