EUR/NOK may rise to 12.1640 - 12.3400

11.5430 is our pivot point.

Our preference

The upside prevails as long as 11.5430 is support.

Alternative scenario

The downside breakout of 11.5430 would call for 11.2490 and 11.0730.

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 above its 20 and 50 period moving average (respectively at 11.4694 and 11.5594). Finally, the EUR/NOK is trading above its upper Bollinger band (standing at 11.7508).

Supports and resistances

12.6910 **

12.5150 *

12.3400 **

12.1640

11.8061 last

11.6580

11.5430 **

11.2490 *

11.0730 **

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