Forex Market: EUR/MXN daily forecast

During Friday’s trading session EUR/MXN traded within the range of 18.106-18.197 and closed at 18.167.

At 6:41 GMT today EUR/MXN was losing 0.15% for the day to trade at 18.140. The pair touched a daily low at 18.136 at 6:35 GMT.

Fundamental view

At 13:00 GMT today Insituto Nacional de Estadistica Y Geografia is expected to report on nation’s trade balance during March. In February the surplus was 0.976 billion MXN. The trade balance reflects the difference in value between exported and imported goods during the respective period. A positive figure indicates that more goods and services have been exported than imported. Export demand has a direct link to demand for the national currency and also causes an impact on levels of production. In case the surplus on Mexico’s trade balance continued to expand, this would provide support to the peso.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/MXN manages to breach the first resistance level at 18.207, it will probably continue up to test 18.247. In case the second key resistance is broken, the pair will probably attempt to advance to 18.298.

If EUR/MXN manages to breach the first key support at 18.116, it will probably continue to slide and test 18.065. With this second key support broken, the movement to the downside will probably continue to 18.025.