EUR/NOK may fall 457 - 677 pips

Our pivot point stands at 11.8360.

Our preference

The downside prevails as long as 11.8360 is resistance.

Alternative scenario

The upside breakout of 11.8360, would call for 11.8740 and 11.8970.

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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8761 and 11.9231). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.8052).

Supports and resistances

11.8970 **

11.8740 *

11.8360 **

11.8210

11.7917 last

11.7460

11.7240 **

11.7010 *

11.6790 **

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