EUEMXN Ends Downtrend

EUEMXN CHART PRICE – EURMXN DAILY

Just like the pound the euro was able to put an end to its downtrend against the mexican peso, currently both of the base currencies have a strong positive correlations against the peso, we see that the candles look very similar between GBPMXN and EURMXN, we can expect an uptrend if the price is able to break the resistance at 25.17, on the previous session it actually broke it but was unable to consolidate the break, the bollinger bands are wide so we can expect high volatility in this pair, the relative strength index also indicates that an uptrend has started  currently at 41%, a key level for me is that resistance, if its able to break it soon we could see the price back at its mid 25 levels 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.