EUR/GBP Downtrend Might be Near the End
December 18th, 2009 Posted in Technical Analysis
Name: Anton
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The EUR/GBP cross has experienced a bearish trend for the past two weeks. However, it seems that this trend may be coming to an end, as described below. Forex traders can take advantage of this imminent up movement by entering long positions at an excellent entry price.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI), and Williams Percent Range.
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 3: The Williams Percent Range has peaked at the -100 marker and has turned bullish; this means that there may actually be a strong level of upward pressure.
EUR/GBP Daily Chart
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Tags: 16-nation currency, EUR/GBP, Forex, forex blog, RSI, sterling pound, Stochastic, Technical Analysis
