EUR/NOK may rise 706 - 956 pips

Our pivot point stands at 11.6790.

Our preference

The upside prevails as long as 11.6790 is support.

Alternative scenario

The downside breakout of 11.6790 would call for 11.6370 and 11.6130.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.6973 and 11.7113).

Supports and resistances

11.8580 **

11.8330 *

11.8080 **

11.7830

11.7124 last

11.6960

11.6790 **

11.6370 *

11.6130 **

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