By Anton Eljwizat – The EUR has dropped significantly versus the GBP in the past 2 weeks, and it is currently traded around 0.8600 levels. And now as evident in the data below, the daily chart chart is giving bullish signals, indicating that EUR/GBP pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.
• Below is the daily chart of the EUR/GBP currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• 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 an impending bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 4: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
EUR/GBP Daily Chart
Forex Market Analysis provided by ForexYard.
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