EUR/NOK may rise 681 - 981 pips

Our pivot point stands at 11.6540.

Our preference

Rebound towards 11.7940.

Alternative scenario

The downside breakout of 11.6540 would call for 11.6030 and 11.5730.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.6961 and 11.7050).

Supports and resistances

11.8550 **

11.8240 *

11.7940 **

11.7640

11.6959 last

11.6740

11.6540 **

11.6030 *

11.5730 **

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