EUR/NOK may rise 408 - 608 pips

Our pivot point is at 11.6160.

Our preference

The upside prevails as long as 11.6160 is support.

Alternative scenario

The downside breakout of 11.6160 would call for 11.5830 and 11.5630.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.6079 and 11.5968). Finally, the EUR/NOK has crossed above its upper Bollinger band (11.6438).

Supports and resistances

11.7540 **

11.7340 *

11.7150 **

11.6950

11.6542 last

11.6290

11.6160 **

11.5830 *

11.5630 **

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