During Friday’s trading session EUR/MXN traded within the range of 17.513-17.591 and closed at 17.526.
At 9:15 GMT today EUR/MXN was adding 0.15% for the day to trade at 17.552. The pair touched a daily high at 17.555 at 8:56 GMT.
Fundamental view
At 13:00 GMT Insituto Nacional de Estadistica Y Geografia is expected to report on nation’s trade balance during April. In March the surplus was 1.072 billion MXN. The trade balance reflects the difference in value between exported and imported goods during the respective period. A positive figure indicates that more goods and services have been exported than imported. Export demand has a direct link to demand for the national currency and also causes an impact on levels of production. In case the surplus on Mexico’s trade balance continued to expand, this would provide support to the peso.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/MXN manages to breach the first resistance level at 17.574, it will probably continue up to test 17.622. In case the second key resistance is broken, the pair will probably attempt to advance to 17.652.
If EUR/MXN manages to breach the first key support at 17.494, it will probably continue to slide and test 17.464. With this second key support broken, the movement to the downside will probably continue to 17.416.
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