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Forex Market: EUR/MXN daily forecast

During yesterday’s trading session EUR/MXN traded within the range of 18.136-18.222 and closed at 18.179.

At 8:56 GMT today EUR/MXN was adding 0.05% for the day to trade at 18.186. The pair touched a daily high at 18.211 at 5:55 GMT.

Fundamental view

The preliminary annualized index of consumer prices (CPI) in Germany, the largest euro zone economy, probably accelerated to 1.4% in April from 1.3% in the preceding month. In monthly terms, the CPI probably decreased 0.1% this month, after consumer prices climbed 0.3% in March. The official data will be released at 12:00 GMT.

Higher-than-expected readings would certainly heighten the appeal of the 18-nation common currency.

Technical view

Screenshot from 2014-04-29 12:00:48

According to Binary Tribune’s daily analysis, in case EUR/MXN manages to breach the first resistance level at 18.222, it will probably continue up to test 18.265. In case the second key resistance is broken, the pair will probably attempt to advance to 18.307.

If EUR/MXN manages to breach the first key support at 18.136, it will probably continue to slide and test 18.094. With this second key support broken, the movement to the downside will probably continue to 18.051.

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