EUR/NOK may fall 455 - 675 pips

11.8070 is our pivot point.

Our preference

The downside prevails as long as 11.8070 is resistance.

Alternative scenario

The upside breakout of 11.8070, would call for 11.8450 and 11.8680.

Comment

The RSI is below 50. 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 11.7877 and 11.8033).

Supports and resistances

11.8680 **

11.8450 *

11.8070 **

11.7920

11.7695 last

11.7240

11.7020 **

11.6790 *

11.6570 **

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