EURMXN Takes a Breath

ETHMXN CHART PRICE – ETHMXN DAILY

The euro had two consecutive losing days this week, which allowed the relative strength index to drop significantly, from a 62 to a 49% the price has not found a support level yet but it managed to start the session with a gain of 0.12% which is not very significant but this helps us identify the strong positive correlation between the euro and the pounds against the mexican peso, the bollinger bands look wide and we can expect high volatility during the European session, the moving averages are getting closer together after those two bad days but there is no indication that a downtrend could begin whilst there is no strong evidence of an uptrend either, market seems undecided for now, once it settles we will be able to see the trend more clearly.

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.