During Friday’s trading session EUR/MXN traded within the range of 17.718-17.841 and closed at 17.765, gaining 0.11% for the day, extending the weekly advance to 0.35%.
At 8:33 GMT today EUR/MXN was losing 0.13% for the day to trade at 17.742. The pair touched a daily low at 17.723 at 5:20 GMT.
Fundamental view
Mexico’s annualized industrial production probably expanded 0.69% in June, according to the median forecast by experts, following another 1.6% increase in May. In monthly terms, nation’s industrial production probably rose 0.32% last month. The index reflects the change in overall inflation-adjusted value of output in sectors such as manufacturing, mining and utilities. In case output expanded more than anticipated, this would have a bullish effect on the 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, the central pivot point for the pair is at 17.774. In case EUR/MXN manages to breach the first resistance level at 17.830, it will probably continue up to test 17.897. In case the second key resistance is broken, the pair will probably attempt to advance to 17.953.
If EUR/MXN manages to breach the first key support at 17.708, it will probably continue to slide and test 17.652. With this second key support broken, the movement to the downside will probably continue to 17.586.
In weekly terms, the central pivot point is at 17.749. The three key resistance levels are as follows: R1 – 17.857, R2 – 17.949, R3 – 18.056. The three key support levels are: S1 – 17.657, S2 – 17.549, S3 – 17.457.
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