reembegil
Long

EUR/MXN, Technical Analysis, February 5, 2018

FX_IDC:EURMXN   EURO / MEXICAN PESO
The EURMXN             maintains the bullish momentum after the good economic results released during the last press conference two weeks ago by the president of the European Central Bank , Mario Draghi (Find below, all the ECB press conference highlights)

The pair couldn't break the previous resistance now support zone , maintaining the up trend. My recommendation is to buy with the objective at the next supply zone @23.50.

ECB press conference highlights, 25 January 2018:
• Robust pace of economic expansion, which accelerated more than expected in the second half of 2017.
• Real GDP increased by 0.7%, quarterly at 2017.
• Private consumption is supported by rising employment.
• Business investment continues to strengthen on the back of very favourable financing conditions, rising corporate profitability and solid demand.
• Housing investment has improved further over recent quarters.
• The broad-based global expansion is providing impetus to euro             area exports.

European Central Bank Directorate General Communications. (25 January 2018). Press Conference, Mario Draghi, President of the ECB. 05/02/2018, de European Central Bank Sitio web: https://www.ecb.europa.eu/press/pressconf/2018/html/ecb.is180125.en.html
Is this like going to fall first before continuing the uptrend?
Reply
@jtiwag, On july 1st Mexico has presidential elections, normally this kind of political events bring a lot of volatility with in, the consensus is that the Mexican peso will lose strength against the other currencies, but maybe fisrt we´ll see a retracement to the @23.50-23.70 (last resistance now support zone).
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