EUR/NOK may fall 378 - 548 pips

Our pivot point is at 11.4530.

Our preference

Under pressure below 11.4530.

Alternative scenario

Above 11.4530, look for 11.4810 and 11.4980.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4415 and 11.4302). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.4270).

Supports and resistances

11.4980 **

11.4810 *

11.4530 **

11.4420

11.4238 last

11.3860

11.3690 **

11.3520 *

11.3350 **

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