EUR/NOK may rise 527 - 737 pips

Our pivot point stands at 11.7490.

Our preference

The upside prevails as long as 11.7490 is support.

Alternative scenario

The downside breakout of 11.7490 would call for 11.7140 and 11.6930.

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 above its 20 and 50 period moving average (respectively at 11.7612 and 11.7444).

Supports and resistances

11.8930 **

11.8720 *

11.8510 **

11.8300

11.7773 last

11.7630

11.7490 **

11.7140 *

11.6930 **

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