EUR Trading Just Above Resistance Level

EURMXN CHART PRICE – EURMXN DAILY

The Euro-Mexican peso pair has been very active in the last sessions, just yesterday it had a  gain of over 500 pips, this is a massive move in Forex markets, but considering we are trading an exotic pair it is expected, now it looks like the price is coming back down, in the current trading session it has lost more than 80 pips, we could expect the price to continue dropping to its support level at 24.57 or it could also have a breakout, which would be less expected, Mexico, US and Canada are signing CUSMA (Canada, United States and Mexico Agreement) which could strengthen MXN in the next few days, as always we would need to wait for a confirmation of the reversal before placing our short trade, its looking right so far, RSI has started to come down and whilst the bollinger bands are getting narrow for the day once London reopens we will see much more activity in this particular pair, once the price starts trading below the resistance we could see the RSI lower, and we would be ready to place our trade.

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.