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USDMXN Pierces Last Week's Highs, Bulls Target 50-Day EMA

MXN
  • Slight increase in upward momentum in USDMXN as we pierce just above last Thursday's high at 17.0681, despite EURUSD bottoming out in recent trade.
  • As previously noted, a break of firm resistance further out, at 17.1692 where the 50-day EMA intersects today, would be needed to signal a reversal of the bearish theme that has been dominating since early December with gains in the pair so far considered technically corrective.

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