EUR/NOK may rise to 12.3620 - 12.5460

Our pivot point is at 11.6740.

Our preference

The upside prevails as long as 11.6740 is support.

Alternative scenario

The downside breakout of 11.6740 would call for 11.3670 and 11.1840.

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 11.7638 and 11.7687).

Supports and resistances

12.9140 **

12.7300 *

12.5460 **

12.3620

11.9236 last

11.7950

11.6740 **

11.3670 *

11.1840 **

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