Hello fellow community members,
The central bank of Mexico initiated selling US Dollar in the open market on Thursday and the pair dropped in a very small time from 21.61226 to 21.62396. I expect the price to take support at the confluence of the rising trendline and the horizontal support near 20.8000 level.
USDMXN 4H CHART
The idea is not to sell but to wait for the price action on the confluence and enter a buy in the direction of the trend with a stop loss below the rising trendline.
Any comments about the setup are welcome.
Happy trading to all.
The central bank of Mexico initiated selling US Dollar in the open market on Thursday and the pair dropped in a very small time from 21.61226 to 21.62396. I expect the price to take support at the confluence of the rising trendline and the horizontal support near 20.8000 level.
USDMXN 4H CHART
The idea is not to sell but to wait for the price action on the confluence and enter a buy in the direction of the trend with a stop loss below the rising trendline.
Any comments about the setup are welcome.
Happy trading to all.
