EUR/NOK may fall to 11.2100 - 11.3970

Our pivot point is at 12.0720.

Our preference

Target 11.2100.

Alternative scenario

The upside breakout of 12.0720, would call for 12.3870 and 12.5740.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.8743) but above its 50 period moving average (11.6301).

Supports and resistances

12.5740 **

12.3870 *

12.0720 **

11.9490

11.7845 last

11.3970

11.2100 **

11.0240 *

10.8380 **

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