What will happen? This week several important macroeconomic reports will be presented…
USD/MXN has reached the key area
2019-11-11 • Updated
SELL 20.10; TP 20.00; SL 20.13
BUY 20.30; TP 20.50; SL 20.25
USD/MXN had a very bullish August. The pair is currently testing the resistance line connecting the highs of 2017 and 2018 at 20.12. This is, of course, a very significant obstacle. Even though the USD is currently trading above this line, only a higher daily close will confirm a breakout. As a result, the return below 20.12 will open the way for a correction towards 20.00. Bullish trades will be less risky above 20.30. The target, in this case, will lie at 20.50.
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The current situation is terrible, and the future is worse for the United Kingdom. Will the British pound withstand the challenges that await the UK economy, or will it collapse?