EURMXN Close of Breaking the 4th Resistance

EURMXN CHART PRICE – EURMXN DAILY

The Euro has been able to break 3 resistance levels so far in our fibonacci retracement, we estimate that it could break the 4th level at 26.25 in the next few days as the uptrend has been consolidated and the relative strength index is still under 70%, currently at 61%, this means that we can still go long for at least one more trading session, however it is important to keep an eye on the RSI and once it gets closer to 70% we should start closing positions before the price starts dropping, we see that the bollinger bands are narrow and the price is very close to the top band, we would expect the price to drop if it breaks the resistance and the bands don’t get wider, price trades inside the ichimoku cloud and this can be seen as uncertainty and the price could move sideways for a few hours.

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.