EUR/GBP Consolidation Not Finished
June 19th, 2009 Posted in Analyst Picks
- Below is the daily chart for the EUR/GBP by ForexYard.
- The indicators used are the MACD and RSI.
- This pair has dropped significantly in the last few months following a consolidation trend towards the 0.8500 level. Following this trend, it has the potential of reaching towards the 0.8650 level in the coming days.
- Point 1: The RSI signals that the price of this pair currently floats in the over-sold territory, supporting the notion that the price has bounced off the consolidation trend’s lower border and will now continue upwards.
- Point 2: The MACD indicates an impending bullish cross, which also supports the upward notion.
- The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.
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