Be aware....
Looking at the USDMXN chart below, the 100 and 200 hour MAs (blue and green lines in the chart below) have caught up with each other today (the 200 has actually passed the 100 hour MA), and they are providing risk defining support for the pair. The 100 hour MA comes in at 20.3796 while the 200 hour MA comes in at 20.4237 currently.
Traders have a decision to make? Stay above and move higher, or break below and explore the downside with more of a bearish technical picture.
ON a break lower, the 38.2% of the move up from the Election day low at 20.13979 becomes a key target. That level has (for the most part) been another support area for the pair.
For now though, the buyers are stalling the fall and looking to keep the floor in place. Can they restart upside momentum and get the price above the topside trend line? That line comes in at 20.6390 currently.
I know the price of the USDMXN has traded lower, and it has traded below the 100 hour MA too. However, the USDMXN has not traded below the 100 AND 200 hour MA. That is different technically. So decision time for the traders in that currency pair. Risk can be defined and limited against the level.