EUR/MXN Price Prediction: Potential Bull Flag forming

EUR/MXN has probably formed a Bull Flag price pattern.
Such patterns signal the likelihood of more upside evolving.

EUR/MXN appears to be forming a Bull Flag price pattern, most clearly visible on the daily and weekly charts. Bull Flags are bullish continuation patterns.

EUR/MXN Daily Chart

The “flag pole” part of the pattern probably began at the August 15 lows and the “flag square” part has been developing since price peaked on September 5.

A breakout from the flag square would confirm the completion and activation of the Bull Flag. This, in turn, would and probably signal more upside towards a target at around 22.52 (Grey dashed line). This is equal to the length of the pole extrapolated higher. A break above the 22.07 September 26 high would confirm the extension.

Oct 21, 2024

USD/CHF Price Forecast: Corrects to near 0.8630 despite upbeat US Dollar

The USD/CHF pair drops to near 0.8630 from the two-month high of 0.8370 in Monday’s North American session.

EUR/JPY trades at top of range as Euro remains supported by ECB’s wait-and-see stance

EUR/JPY is trading at the top of a ten-week range in the upper 162.00s on Monday as the Euro (EUR) retains strength after comments from a European Central Bank (ECB) official suggested policymakers may not be in such a rush to lower interest rates whilst the Japanese Yen (JPY) remains under pressure following the release of lower-than-expected inflation data last week.