EUR/NOK may fall 461 - 691 pips

Our pivot point stands at 11.8560.

Our preference

The downside prevails as long as 11.8560 is resistance.

Alternative scenario

Above 11.8560, look for 11.8940 and 11.9170.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8283 and 11.8373).

Supports and resistances

11.9170 **

11.8940 *

11.8560 **

11.8410

11.8131 last

11.7670

11.7440 **

11.7220 *

11.6990 **

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