EUR/NOK may rise 465 - 675 pips

11.7530 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 11.7530 would call for 11.7190 and 11.6980.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (11.7829) but below its 50 period moving average (11.7900).

Supports and resistances

11.8960 **

11.8760 *

11.8550 **

11.8340

11.7875 last

11.7670

11.7530 **

11.7190 *

11.6980 **

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