EUR/NOK may rise 602 - 862 pips

Our pivot point is at 11.7880.

Our preference

The upside prevails as long as 11.7880 is support.

Alternative scenario

The downside breakout of 11.7880 would call for 11.7450 and 11.7200.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 11.7966 and 11.7755). Finally, the EUR/NOK has crossed above its upper Bollinger band (11.8213).

Supports and resistances

11.9580 **

11.9330 *

11.9080 **

11.8820

11.8218 last

11.8040

11.7880 **

11.7450 *

11.7200 **

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