EUR/NOK may rise 453 - 653 pips

Our pivot point stands at 11.7080.

Our preference

The upside prevails as long as 11.7080 is support.

Alternative scenario

The downside breakout of 11.7080 would call for 11.6740 and 11.6530.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.7211 and 11.7190).

Supports and resistances

11.8450 **

11.8240 *

11.8030 **

11.7830

11.7377 last

11.7220

11.7080 **

11.6740 *

11.6530 **

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