EUR/NOK may rise 473 - 673 pips

Our pivot point stands at 11.8260.

Our preference

The upside prevails as long as 11.8260 is support.

Alternative scenario

Below 11.8260, expect 11.7920 and 11.7720.

Comment

The RSI is above 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 11.8189 and 11.7944). Finally, the EUR/NOK is trading above its upper Bollinger band (standing at 11.8533).

Supports and resistances

11.9620 **

11.9420 *

11.9220 **

11.9020

11.8547 last

11.8390

11.8260 **

11.7920 *

11.7720 **

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