EUR/NOK may rise 525 - 775 pips

Our pivot point stands at 11.9360.

Our preference

The upside prevails as long as 11.9360 is support.

Alternative scenario

The downside breakout of 11.9360 would call for 11.8950 and 11.8710.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.9615 and 11.9631). Finally, the EUR/NOK is trading above its upper Bollinger band (standing at 11.9826).

Supports and resistances

12.1210 **

12.0970 *

12.0730 **

12.0480

11.9955 last

11.9520

11.9360 **

11.8950 *

11.8710 **

Number of asterisks represents the strength of support and resistance levels.