USD/MXN has flushed to the downside after repeated buy injections at a demand area (see arrows for strength). Since price has fell steeply, I'm expecting accumulation back to that zone for another push to the downside to meet another (weaker) demand area, however this zone has the capability to push price higher (and even reverse to the upside) so I've set my target towards the zone as price tends to wick here the most.
Comment:
Price still appears to be bullish, the entry I have marked up only seemed like a catalyst for more buy order accumulation and has formed a minor demand area. I'm expecting further upside movement to retest a major supply level right around the trend line but overall a bearish bias for the pair.