EUR/NOK may rise 576 - 846 pips

11.7480 is our pivot point.

Our preference

Our next up target stands at 11.8700.

Alternative scenario

Below 11.7480, expect 11.7030 and 11.6760.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.7740 and 11.7830).

Supports and resistances

11.9230 **

11.8960 *

11.8700 **

11.8430

11.7854 last

11.7660

11.7480 **

11.7030 *

11.6760 **

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