EUR/NOK may fall 413 - 613 pips

Our pivot point stands at 11.9400.

Our preference

The downside prevails as long as 11.9400 is resistance.

Alternative scenario

The upside breakout of 11.9400, would call for 11.9740 and 11.9940.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.9022 and 11.9041). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.8789).

Supports and resistances

11.9940 **

11.9740 *

11.9400 **

11.9270

11.8783 last

11.8370

11.8170 **

11.7970 *

11.7770 **

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