EUR/NOK may fall 608 - 858 pips

Our pivot point is at 11.8040.

Our preference

The downside prevails as long as 11.8040 is resistance.

Alternative scenario

Above 11.8040, look for 11.8470 and 11.8720.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.7687 and 11.7675).

Supports and resistances

11.8720 **

11.8470 *

11.8040 **

11.7880

11.7628 last

11.7020

11.6770 **

11.6520 *

11.6270 **

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