EUR/NOK may rise to 12.1980 - 12.3360

Our pivot point stands at 11.6950.

Our preference

The upside prevails as long as 11.6950 is support.

Alternative scenario

The downside breakout of 11.6950 would call for 11.4630 and 11.3250.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.7279 and 11.5498).

Supports and resistances

12.6130 **

12.4750 *

12.3360 **

12.1980

11.8840 last

11.7860

11.6950 **

11.4630 *

11.3250 **

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