During yesterday’s trading session EUR/MXN traded within the range of 17.645-17.729 and closed at 17.687.
At 8:34 GMT today EUR/MXN was gaining 0.03% for the day to trade at 17.677. The pair touched a daily high at 17.695 at 6:25 GMT.
Fundamental view
The annualized index of consumer prices (CPI) in Mexico probably rose 3.78% in June, according to the median forecast by experts, from 3.51% in May. The index measures the change in price levels of a basket of goods and services from consumer’s perspective and also reflects purchasing trends. In case the CPI rose more than projected, this would have a bullish effect on the Mexican peso.
Insituto Nacional de Estadistica Y Geografia is expected to release the official report 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 17.729, it will probably continue up to test 17.770. In case the second key resistance is broken, the pair will probably attempt to advance to 17.812.
If EUR/MXN manages to breach the first key support at 17.645, it will probably continue to slide and test 17.603. With this second key support broken, the movement to the downside will probably continue to 17.562.
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