Mexican peso basis risk on the euro-USD(€-$)Basis risk helps us gauge the liquidity of the differential in the currencies. Here, we see the basis mostly positive for the euro minus the US dollar traded in pesos.
EURMXN
EURMXN - LONGBuying only after the break above the HMA and the retest of the HMA
**This is just my trading thought process and does not constitute as financial advice.
**Please trade with proper risk management**
EURMXN Downtrend ContinuesWith oil rising, this should boost oil currencies. I believe that the EUR will continue to fall for Q3 and Q4 2023.
Eur/Mxn Buy IdeaEur/Mxn has a reversal pattern on the daily time frame.
The Reversal Pattern is a double bottom reversal pattern.
Price has given me and buy signal on the 15 min time frame.
I will buy this pair for a swing trade high and my stop loss will be under the green box area on the chart.
Goal: -7453.4 (EURMXN)Expect EURMXN to decrease 7453.4 units. Price closed below 20.05545. Watch for bearish price action signals.
EURMXN `` SUPPORT `` RR/20.8Looking forward to price bouncing from support.
RR is tangible. Over 20x.
EURMXN Expected Outcome: 1.09% IncreasePrice pulled back to the horizontal support level, EMA 10 support level, and EMA 20 support level. Enter a market execution order and buy limit order.
EURMXN may break lower. Usually I am a buyer of descending (or falling) wedges when we reach support as I typically would be looking for an eventual breakout higher. However, this time may be different. The reason why is as we are hitting support, the pair is also trading below the long term 61.8% Fibonacci retracement of the February 2020 lows (pre covid) to the April 2020 highs (post covid lockdown). The MXN has outperformed during a "risk off" market recently which is also a risk, especially if stocks overall maintain stability or rally. For now, while below the 200dma I will remain bearish the EURMXN unless we see a major breakdown of equity markets globally.
EURMXN longer term$EURMXN is making higher lows in a descending wedge which is typically a reversal setup (higher in this case). There is a strong inverse relationship with risk assets (SPX in this case) so a move above 24.1700 would be a very bullish event.
EURMXN Take Profit At 24.27719 ; 24.37017 ; 2021 Apr 28 TradeEURMXN Take Profit At 24.27719 ; 24.37017 ; 2021 Apr 28 Trade Idea at 20:00
After Pin Bar formed, placed buy limit order at 24.11001. Stop Loss Level is 24.04090. R-Multiple is 2.42R.
Why did this trade work perfectly? Four or more touches for support resistance level, identification of trend, and pin bar price action signal.
EURMXN - LONG - Possible Trade Upcoming in #April #Forex #LongHi Guys,
As it's closing in on the end of the month, i've started looking at some options for April.
I've come across a potential LONG on the EURMXN with an R/R of 3, I say potential because we're not in a position yet to place the order.
So to explain the analysis, we're currently on a March long downtrend referred on the chart as dt1, and also closing into supports at Up1 and Sup1.
I think we're really early for this at the moment, but i've set alerts on dt1 as well as Up1 to see if we get any early action this week.
I'm really interested in convergence point "a". If price action either breaks through dt1, and retests, i will be considering a long. If price action moves sideways and outside of the dt1 downtrend, i will consider a long.
I will no longer consider a long if the price breaks down and significantly passes Up1.
Thank you for taking time to read this,
For_The_Many
Do it🔥One more trade on big frame, wolves🔥
Great descending triangle on EURMXN currency pair.
According to Elliott Waves theory Wave D is done and the price is heading to Wave E. However this triangle may be circumcised and the breakout will be in near future.
Follow the chart and look for the breakout carefully.
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And always remember: "we don't predict, we react".
EURMXN Target Price 25.64499EURMXN Entries
Date and Time: 04 MAR 21 12:00
Closing Price and Entry Price: 25.12248
Date and Time: 04 MAR 21 16:00
Closing Price and Entry Price: 25.19305
Run, Forrest, RunOne more trade on big frame, wolves🔥
Great descending triangle on EURMXN currency pair.
According to Elliott Waves theory Wave D is done and the price is heading to Wave E. However this triangle may be circumcised and the breakout will be in near future.
Follow the chart and look for the breakout carefully.
If you enjoy my FREE Technical Analysis , support the idea with a big LIKE👍 and don't forget to SUBSCRIBE my channel, you won't miss anything!
Feel free to leave comments✉️
And always remember: "we don't predict, we react".
