EUR/NOK may fall to 11.0460 - 11.2550

Our pivot point is at 11.9870.

Our preference

Target 11.0460.

Alternative scenario

The upside breakout of 11.9870, would call for 12.3400 and 12.5500.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (11.8470) but above its 50 period moving average (11.6157).

Supports and resistances

12.5500 **

12.3400 *

11.9870 **

11.8490

11.6967 last

11.2550

11.0460 **

10.8370 *

10.6270 **

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