USD/NOK may fall 728 - 1028 pips

Our pivot point stands at 11.0460.

Our preference

The downside prevails as long as 11.0460 is resistance.

Alternative scenario

Above 11.0460, look for 11.0970 and 11.1260.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.0124 and 11.0336).

Supports and resistances

11.1260 **

11.0970 *

11.0460 **

11.0270

11.0028 last

10.9300

10.9000 **

10.8710 *

10.8410 **

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