EURMXN Closing up to Support at 24.69

EURMXN CHART PRICE – EURMXN DAILY

The euro came very close to the support level found on our fibonacci retracement, in today’s session it is having a small recovery of 0.19%, it is behaving very similar to the GBPMXN pair, there is a strong positive correlation between the two pairs, the EURMXN pair is more responsive to the technical indicators, we can see that once the relative strength index level was at 30% the market started to react adequately and the pair started the session with gains, this could be a turning point for the euro recovery, if it is unable to breakout the support at 24.96 we could see it bounce and at some point next week see the price level closer to its resistance, it would depend a lot on  today’s trading session and the weekend gaps, this pair os worth keeping an eye on, there is a lot of potential once the trend change begins.

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.