EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
A trade idea for USD/MXN
2019-11-11 • Updated
SELL at 20.20; TP1 20.10; TP2 19.98; SL 20.28
USD/MXN has met resistance at the line connecting 2017 and 2018 highs. On D1, it went far from the moving averages that are currently below the price chart and will likely correct down. The dynamics of the pair resembles a “Three drives” pattern and implies the further downside.
On H4, the prices crossed down support in form of moving averages. There was also a close below the 38.2% Fibo retracement. It's possible to make a bet on improvement in the market's risk sentiment and sell USD/MXN. Next Fibonacci levels may be the downside targets.
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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