EUR/NOK Downtrend Might be Near the End
January 4th, 2010 Posted in Analyst Picks, In-Depth Analysis
Name: Anton
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• The Chart below is the 4-hour chart for EUR/NOK by ForexYard.
• 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) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 3: The Williams Percent Range has peaked at near the -100 marker, which means that there may actually be a strong level of upward pressure.
• Forex traders can take advantage of this imminent upward movement by entering long positions at an excellent entry price.
EUR/NOK 4-Hour Chart
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Tags: EURNOK, Forex, forex blog, RSI, Slow Stochastic, Technical Analysis, williams percent range
