EUR/NOK may fall 572 - 842 pips

Our pivot point stands at 11.8140.

Our preference

The downside prevails as long as 11.8140 is resistance.

Alternative scenario

The upside breakout of 11.8140, would call for 11.8600 and 11.8860.

Comment

The RSI is below its neutrality area at 50. 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 11.8016 and 11.7967).

Supports and resistances

11.8860 **

11.8600 *

11.8140 **

11.7970

11.7772 last

11.7200

11.6930 **

11.6660 *

11.6390 **

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