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Forex Market: EUR/MXN daily forecast

During yesterday’s trading session EUR/MXN traded within the range of 17.6190-17.7780 and closed at 17.6360.

At 8:46 GMT today EUR/MXN was gaining 0.04% for the day to trade at 17.6381. The pair touched a daily high at 17.6528 at 7:25 GMT.

Fundamental view


Consumer confidence in Mexico probably improved in June, with the corresponding index coming in at 91.2 from 90.7 in the prior month. The survey on consumer confidence belongs to the group of economic indicators, which measure financial confidence among consumers. The more confidence in economic conditions consumers have, the more inclined they will be to spend money, which in turn stimulates the economy. Better than projected survey results usually signal that optimism among consumers has strengthened, while this may lead to higher spending in the country. Better results tend to provide support to the national currency. Mexicos Instituto Nacional de Estadística y Geografía (INEGI) is to release the official reading at 13:00 GMT.

Technical view


According to Binary Tribune’s daily analysis, in case EUR/MXN manages to breach the first resistance level at 17.7363, it will probably continue up to test 17.8367. In case the second key resistance is broken, the pair will probably attempt to advance to 17.8953.

If EUR/MXN manages to breach the first key support at 17.5773, it will probably continue to slide and test 17.5187. With this second key support broken, the movement to the downside will probably continue to 17.4183.

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