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Chart of the day: EUR/MXN

A break below the 24.7500 level would be a bearish event for this pair. The 200dma resides just below which would also be watched carefully. A move of the EUR/MXN breaking down below triangle support would confirm a move higher in SPX (to new all time highs) which would also be on our radar as the SPX and EUR/MXN have a very strong inverse correlation (teal line).

Author

Blake Morrow

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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