EUR Could Lose Some Ground to MXN

EURMXN CHART PRICE – EURMXN DAILY

EURMXN currently trades for 25.52 we saw that after hitting and breaking its resistance at 25.63 it just can’t take off, today it looks like it wants to go higher but the conditions are just not there, the price is currently inside the Ichimoku Cloud which indicates that there is uncertainty in the markets, the price could start moving to either direction, it’s important to study the behavior of this pair in the next few hours to determine which direction we want to trade in, right now there are no strong Sell or Buy signals, but as the price starts to move we will identify these as a trading opportunity, the bollinger bands are narrow, meaning that we should not have a lot of volatility, the Relative Strength Index is at 52% and the price trades just below its resistance level, after it touched it we expected the price to continue diving, however today’s trading session has let EUR take a breather, if the RSI level starts dropping I would go short on this pair, I believe it will fall more before it can actually break and maintain a price over 25.90.

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.