USD/MXN has a solid bearish wave structure, and we are tracking an ongoing impulsive decline that could resume soon. Why? Because the recent rise from last week's close looks slow and overlapping, which suggests this could be a wave four correction. It may stop at the 38.2% retracement level, so watch for a potential weakness after the breakout from this flag formation, which could put the fifth wave in play for another retest of the 19.00 area. The invalidation level is at 19.76.
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