During yesterday’s trading session EUR/MXN traded within the range of 18.036-18.138 and closed at 18.114.
At 8:52 GMT today EUR/MXN was adding 0.24% for the day to trade at 18.153. The pair touched a daily high at 18.157 at 8:30 GMT, breaching the first resistance level of 18.156.
Fundamental view
Economic activity in Mexico probably jumped by 1.25% in February from a year earlier, according to the median analysts estimates. In January economic activity rose 0.83%. The economic activity index consists of three components: primary economic activities, which include activities such as extraction of natural resources and agriculture; secondary economic activities, which include industrial activity, and tertiary economic activities, which include services of all kinds.
The Mexican National Institute for Statistics and Geography (INEGI) is scheduled to release official data at 13:00 GMT today. A higher-than-projected gain in the economic activity will support pesos demand.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/MXN manages to breach the first resistance level at 18.156, it will probably continue up to test 18.198. In case the second key resistance is broken, the pair will probably attempt to advance to 18.259.
If EUR/MXN manages to breach the first key support at 18.054, it will probably continue to slide and test 17.994. With this second key support broken, the movement to the downside will probably continue to 17.952.
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