EUR/NOK may rise 644 - 914 pips

Our pivot point is at 11.8060.

Our preference

Rebound towards 11.9320.

Alternative scenario

The downside breakout of 11.8060 would call for 11.7620 and 11.7360.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.8538 and 11.8787).

Supports and resistances

11.9840 **

11.9580 *

11.9320 **

11.9050

11.8406 last

11.8230

11.8060 **

11.7620 *

11.7360 **

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