Elliott Wave Intraday View: USDMXN Could Be In For Some Weakness; Correction Is Near Completed

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USDMXN is moving slightly higher at the moment, but in three waves from 20.2900 so pair is most-likely making only a temporary corrective recovery. We are looking for a zigzag up in wave 2 that may find a resistance near 20.3500-20.4000 area in the next few sessions, from where we may see a strong turn down, while pair is below 20.4900 invalidation level.

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USDMXN, 15min

15-min-usdmxn-dec-09-2016

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.