EUR/NOK may fall 409 - 599 pips

Our pivot point stands at 11.4560.

Our preference

The downside prevails as long as 11.4560 is resistance.

Alternative scenario

Above 11.4560, look for 11.4870 and 11.5050.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.4463 and 11.4286). Finally, the EUR/NOK has penetrated its lower Bollinger band (11.4216).

Supports and resistances

11.5050 **

11.4870 *

11.4560 **

11.4440

11.4159 last

11.3750

11.3560 **

11.3380 *

11.3200 **

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