EUR/NOK may fall 433 - 603 pips

Our pivot point stands at 11.4060.

Our preference

The downside prevails as long as 11.4060 is resistance.

Alternative scenario

Above 11.4060, look for 11.4350 and 11.4510.

Comment

The RSI is below 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 11.4086 and 11.4059). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.3848).

Supports and resistances

11.4510 **

11.4350 *

11.4060 **

11.3950

11.3813 last

11.3380

11.3210 **

11.3040 *

11.2870 **

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