EUR/NOK may rise 680 - 980 pips

Our pivot point is at 11.6460.

Our preference

The upside prevails as long as 11.6460 is support.

Alternative scenario

Below 11.6460, expect 11.5950 and 11.5650.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.6776 and 11.6766). Finally, the EUR/NOK has crossed above its upper Bollinger band (11.6967).

Supports and resistances

11.8600 **

11.8300 *

11.7990 **

11.7690

11.7010 last

11.6660

11.6460 **

11.5950 *

11.5650 **

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