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EURMXN TECHS: Bear Cycle Extends

LATAM FX

EURMXN is once again trading lower as the cross extends its current downtrend.

  • The break below the 20.00 handle highlights a breach of the key support at 20.0520, Feb 20202 low.
  • This reinforces the bearish theme and note too that recent weakness has resulted in the break of a long-term trendline support drawn from the Mar 29, 2002 low - a key technical break.
  • The focus is on a continuation lower. The next support levels to watch are:
    • 19.6250, low Apr 14 2017
    • 19.4545 2.236 projection of Nov ‘21 - Oct ‘21 - Feb ‘22 swing
    • 19.1719 2.382 projection of Nov ‘21 - Oct ‘21 - Feb ‘22 swing

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