#USDMXN-Update:Breakdown In Play, Continuation Next Week? #Forex
Traders,
UPDATE: Pair has moved well since last posted (See related ideas). Will there be more continuation downside next week? It will depend heavily on the open price to determine where the underlying strength still is.
Bearish engulfing signal at sideways support gives the necessary momentum to break the sideways support level into the lows. Expecting the move to continue, and a sideways support retest could eventually be tested as resistance, before a further breakdown to the lows. More downside to be seen for rest of week, possibly into next week.
I hope you have a tested trading strategy to trade this move as it goes.
UPDATE: Pair has moved well since last posted (See related ideas). Will there be more continuation downside next week? It will depend heavily on the open price to determine where the underlying strength still is.
Bearish engulfing signal at sideways support gives the necessary momentum to break the sideways support level into the lows. Expecting the move to continue, and a sideways support retest could eventually be tested as resistance, before a further breakdown to the lows. More downside to be seen for rest of week, possibly into next week.
I hope you have a tested trading strategy to trade this move as it goes.
