EUR/NOK may fall 447 - 647 pips

Our pivot point is at 11.7960.

Our preference

The downside prevails as long as 11.7960 is resistance.

Alternative scenario

The upside breakout of 11.7960, would call for 11.8290 and 11.8490.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 11.7993 and 11.8082). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.7672).

Supports and resistances

11.8490 **

11.8290 *

11.7960 **

11.7830

11.7537 last

11.7090

11.6890 **

11.6700 *

11.6500 **

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