EUR/NOK may rise 525 - 785 pips

Our pivot point stands at 11.7460.

Our preference

Rebound towards 11.8610.

Alternative scenario

Below 11.7460, expect 11.7020 and 11.6760.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.7849 and 11.8066).

Supports and resistances

11.9130 **

11.8870 *

11.8610 **

11.8350

11.7825 last

11.7640

11.7460 **

11.7020 *

11.6760 **

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