EUR/NOK may rise 489 - 699 pips

Our pivot point stands at 11.8270.

Our preference

As long as 11.8270 is support look for 11.9250.

Alternative scenario

Below 11.8270, expect 11.7920 and 11.7710.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.8538 and 11.8307).

Supports and resistances

11.9670 **

11.9460 *

11.9250 **

11.9040

11.8551 last

11.8410

11.8270 **

11.7920 *

11.7710 **

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