By Dan Eduard
With some exceptions, the EUR/SEK pair has been in a continuous downward spiral for the last few weeks, dropping over 1900 pips. Technical indicators are now showing that a bullish correction may occur in the near future. This presents Forexyard traders with an excellent opportunity to enter into buy positions at a great starting price.
We will be analyzing the daily chart for EUR/SEK, provided by Forexyard. The technical indicators being looked at are the Relative Strength Index, Stochastic Slow and Williams Percent Range.
1. As can be seen, the Relative Strength Index is currently floating right above oversold territory. Should the indicator cross the lower support line, it would be a clear sign that the pair may stage a reversal.
2. A bullish cross has formed on the Stochastic Slow, in a clear sign that the pair is oversold. This further supports our theory that an upward correction is likely to take place soon.
3. The Williams Percent Range is currently right around the -80 level. Typically, anything below -80 indicates that the pair is in the oversold region, and that an upward correction is imminent.
Forex Market Analysis provided by ForexYard.
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