EUR/NOK may rise 658 - 958 pips

Our pivot point stands at 11.7220.

Our preference

As long as 11.7220 is support look for 11.8630.

Alternative scenario

The downside breakout of 11.7220 would call for 11.6710 and 11.6400.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (11.7682) but above its 50 period moving average (11.7623).

Supports and resistances

11.9240 **

11.8930 *

11.8630 **

11.8330

11.7672 last

11.7420

11.7220 **

11.6710 *

11.6400 **

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