EUR/NOK may fall 579 - 829 pips

Our pivot point stands at 11.9110.

Our preference

Target 11.7940.

Alternative scenario

The upside breakout of 11.9110, would call for 11.9540 and 11.9800.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.8804) but above its 50 period moving average (11.8667).

Supports and resistances

11.9800 **

11.9540 *

11.9110 **

11.8940

11.8769 last

11.8190

11.7940 **

11.7680 *

11.7430 **

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