EUR/NOK may rise 512 - 762 pips

Our pivot point is at 11.7030.

Our preference

The upside prevails as long as 11.7030 is support.

Alternative scenario

The downside breakout of 11.7030 would call for 11.6610 and 11.6360.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.7262 and 11.7332).

Supports and resistances

11.8710 **

11.8460 *

11.8210 **

11.7960

11.7448 last

11.7200

11.7030 **

11.6610 *

11.6360 **

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