EUR/NOK may fall to 11.0300 - 11.1470

Our pivot point is at 11.5710.

Our preference

The downside prevails as long as 11.5710 is resistance.

Alternative scenario

Above 11.5710, look for 11.7670 and 11.8840.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 11.6326 and 11.6580).

Supports and resistances

11.8840 **

11.7670 *

11.5710 **

11.4940

11.4139 last

11.1470

11.0300 **

10.9140 *

10.7980 **

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