Forex Trade Idea: USDMXN – Testing Long Term Support Zone | Dec 19th

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USDMXN – Testing Major Support Zone, Trades For Both Sides Available (daily chart)

Price Action Context

Since the strong sell off in late 2018 to early 2019, the pair has formed a long-term key support zone that has held on multiple occasions throughout the year. Price is now testing this support again.

If bulls can successfully defend this support zone, we think that a move up towards 19.54 is not unlikely.

A strong break and close below 18.75 on the other hand would increase the probability of a potential bearish continuation towards the next support zone which comes in between 18.30 – 18.50.

Trending Analysis

Neutral bias while inside this large corrective structure but becoming bearish on a weekly close below.

Key Support & Resistance Levels

R: 19.73 – 19.90

S: 18.75 – 18.93

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