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EUR/NOK Expected to Go Bullish

November 17th, 2009 Posted in Tech Analysis Bookmark and Share
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Name: Anton Eljwizat

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• The chart below is the 4-hour EUR/NOK chart by ForexYard.

• The technical indicators used are the Slow Stochastic, MACD, and Williams Percent Range.

• The Slow Stochastic shows a bullish cross followed by an upward cascade price movement. This suggests that there is momentum behind the current upward correction.

• The MACD indicates an impending bullish cross, signaling that the next move may be in an upward direction.

• The Williams Percent Range shows that this pair was heavily over-sold peaked near the highest mark it could reach, and then turned a corner and now stands in a bullish posture.

• This might be a good opportunity for forex traders to enter the trend at a very early stage and a great entry price.

EUR/NOK 4-Hour Chart
EUR-NOK

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