EUR/NOK may fall 561 - 831 pips

Our pivot point stands at 11.8310.

Our preference

The downside prevails as long as 11.8310 is resistance.

Alternative scenario

The upside breakout of 11.8310, would call for 11.8760 and 11.9030.

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 11.8003 and 11.7967).

Supports and resistances

11.9030 **

11.8760 *

11.8310 **

11.8130

11.7841 last

11.7280

11.7010 **

11.6740 *

11.6470 **

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