EURMXN Close to an Oversold Status

EURMXN CHART PRICE – EURMXN DAILY

The Euro has been losing ground to the mexican peso for a while now, the fundamental factors involving Brexit are driving the EUR and the GBP prices down against the mexican peso, not as aggressively in the case of the EUR but still it has lost 4.52% in the last two weeks, a significant amount in such a short period of time, the euro was about to enter an oversold status but somehow it manages to stay on top of it with the gains it held on the previous trading session, the relative strength index is currently at 34% and it stayed the same for the last 2 days, we could see the euro dropping a bit more before we see some signs of a response, we see that the bollinger bands are wide but indicating a downtrend, while the price is easy above the Ichimoku cloud and the moving averages keep getting wider, we would need more signals in order to go long, is not the right time yet but keep an eye on this pair as we could have a trend change very soon.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.