EUR/NOK may rise 417 - 617 pips

Our pivot point is at 11.8070.

Our preference

Rebound.

Alternative scenario

Below 11.8070, expect 11.7740 and 11.7540.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (11.8266) but under its 50 period moving average (11.8467).

Supports and resistances

11.9430 **

11.9230 *

11.9030 **

11.8830

11.8413 last

11.8200

11.8070 **

11.7740 *

11.7540 **

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