EUR/NOK may rise 665 - 975 pips

Our pivot point stands at 11.6770.

Our preference

As long as 11.6770 is support look for 11.8180.

Alternative scenario

Below 11.6770, expect 11.6260 and 11.5950.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.7171 and 11.7062).

Supports and resistances

11.8790 **

11.8480 *

11.8180 **

11.7870

11.7205 last

11.6970

11.6770 **

11.6260 *

11.5950 **

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