EUR/NOK may fall 392 - 552 pips

Our pivot point stands at 11.4180.

Our preference

The downside prevails as long as 11.4180 is resistance.

Alternative scenario

The upside breakout of 11.4180, would call for 11.4470 and 11.4640.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4141 and 11.4142). Finally, the EUR/NOK has penetrated its lower Bollinger band (11.3928).

Supports and resistances

11.4640 **

11.4470 *

11.4180 **

11.4070

11.3922 last

11.3530

11.3370 **

11.3200 *

11.3030 **

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