EUR/NOK may fall 495 - 735 pips

Our pivot point stands at 11.9650.

Our preference

The downside prevails as long as 11.9650 is resistance.

Alternative scenario

Above 11.9650, look for 12.0060 and 12.0300.

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 11.9420 and 11.9452). Finally, the EUR/NOK has penetrated its lower Bollinger band (11.9296).

Supports and resistances

12.0300 **

12.0060 *

11.9650 **

11.9490

11.9245 last

11.8750

11.8510 **

11.8270 *

11.8030 **

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