EURMXN Expected to Continue Dropping

EURMXN CHART PRICE – ETHMXN DAILY

A few days ago we analysed this pair and found that it broke the resistance at 25.63 but since then mexican peso has been getting stronger, we find the price currently trading under this resistance level, which is what we were expecting, in the last 3 days it has lost up to 400 pips, the price is trading inside the Ichimoku cloud which could be interpreted as a period of uncertainty however the Relative Strength Index indicates that more traders are closing up positions or going short, it was at 56% and is currently at 50%, if this level continues falling is will be an indicator that the price is expected to drop more until it gets closer to that 30% oversold status, bollinger bands are closing up but its just cause the markets are closed in europe and america, tonight we can expect the volatility to resume.

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.