EUR/NOK may rise 430 - 640 pips

Our pivot point is at 11.7200.

Our preference

The upside prevails as long as 11.7200 is support.

Alternative scenario

Below 11.7200, expect 11.6860 and 11.6650.

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 11.7421 and 11.7489).

Supports and resistances

11.8540 **

11.8340 *

11.8130 **

11.7920

11.7490 last

11.7340

11.7200 **

11.6860 *

11.6650 **

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