EUR/NOK may rise to 11.7740 - 11.9090

Our pivot point is at 11.2970.

Our preference

Rebound.

Alternative scenario

The downside breakout of 11.2970 would call for 11.0710 and 10.9360.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (11.4029) but under its 50 period moving average (11.5071).

Supports and resistances

12.1800 **

12.0450 *

11.9090 **

11.7740

11.4895 last

11.3860

11.2970 **

11.0710 *

10.9360 **

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