EURMXN Forecast – November-3-2023


In today’s comprehensive EURMXN forecast, we will first scrutinize the current economic conditions in Mexico. Following that, we will meticulously delve into the details of the technical analysis pertaining to the EURMXN pair.

Investment Trends in Mexico

In August 2023, Mexico witnessed a remarkable 32% annual increase in gross fixed investment, marking the most substantial rise since the post-pandemic rebound observed in May 2021. This impressive growth outpaced the anticipated consensus of 28.5%.

Notably, construction investment experienced a noteworthy jump of 48.1%. This was primarily driven by a massive 99.5% leap in non-residential construction, which more than made up for a slight 2.7% dip in residential building. Furthermore, investment in machinery and equipment also showed a healthy uptick, with a 15.2% increase. Breakdown of this growth revealed a 17.8% rise in investment for imported machinery, while investment in machinery produced within the country climbed by 11.3%.

On a month-over-month basis, after adjusting for seasonal factors, Mexico’s gross fixed investment also saw a positive movement, increasing by 3.1%.

EURMXN Forecast: A Technical Analysis

The latest EURMXN forecast reveals a significant bearish momentum as the currency pair dipped below the critical 18.99 pivot level. Traders and analysts are closely monitoring the EURMXN exchange rate after the Lorentzian classification indicator issued a selling signal. This analytical tool, coupled with the RSI indicator languishing below 50, suggests that the EURMXN pair may continue to face downward pressure, potentially reaching the S2 support level at 17.83.

EURMXN Forecast - November-3-2023

EURMXN Forecast – Daily Chart

Investors are advised to keep a close watch on the 19.4 resistance level, which is currently the linchpin for the prevailing bearish scenario in the EURMXN market. A breach above this threshold would invalidate the current bearish forecast, prompting a reassessment of the EURMXN trading strategy.

As the market dynamics evolve, staying updated with the latest EURMXN forecast and technical analysis is crucial for making informed trading decisions in this volatile currency pair.

  • 3 November 2023
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