By Anton Eljwizat
Below is the daily chart of the EUR/SEK currency pair.
• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI) and MACD.
• Point 1: there is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move maybe in an upward direction.
• Point 3: Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
• Point 4: The Relative Strength Index (RSI) signals further bullishness for the pair, which in turn indicates further upward pressure to occur anytime soon.
• Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
EUR/SEK Daily Chart
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
