EUR/NOK may rise 475 - 675 pips

11.4640 is our pivot point.

Our preference

As long as 11.4640 is support look for 11.5600.

Alternative scenario

The downside breakout of 11.4640 would call for 11.4310 and 11.4120.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.4874 and 11.4750).

Supports and resistances

11.5990 **

11.5790 *

11.5600 **

11.5400

11.4925 last

11.4770

11.4640 **

11.4310 *

11.4120 **

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