EURMXN Tests Resistance at 25.18

EUEMXN CHART PRICE – EURMXN DAILY

The euro broke the support and it recently tested the resistance level at 25.18 but it was unable to break it, we see the bollinger bands expanding a bit in the last few days and today it looks like we could see a change in trend soon, I still believe its early, so let’s wait for the price to come down a bit more before going long, we see the Relative Strength Index at a 41%, the price still has potential to go down a few more pips since the last lowest low is at a 24.69, we do not believe that the price would go as low, before coming back up since the RSI is very close to an oversold status. Short term and Long term moving averages are about to have a cross that could indicate an uptrend, but since this is a lagging indicator, it was affected by the few good trading days of the Euro, and not yet by recent price movements.

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.