EUR/NOK may rise to 12.3100 - 12.4780

Our pivot point is at 11.7040.

Our preference

The upside prevails as long as 11.7040 is support.

Alternative scenario

The downside breakout of 11.7040 would call for 11.4230 and 11.2560.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 11.5469 and 11.5683). Finally, the EUR/NOK is trading above its upper Bollinger band (standing at 11.9678).

Supports and resistances

12.8150 **

12.6470 *

12.4780 **

12.3100

11.9712 last

11.8150

11.7040 **

11.4230 *

11.2560 **

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