EUR/NOK may fall 449 - 659 pips

Our pivot point stands at 11.8480.

Our preference

The downside prevails as long as 11.8480 is resistance.

Alternative scenario

The upside breakout of 11.8480, would call for 11.8830 and 11.9040.

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 is trading under both its 20 and 50 period moving average (respectively at 11.8258 and 11.8482).

Supports and resistances

11.9040 **

11.8830 *

11.8480 **

11.8340

11.8159 last

11.7710

11.7500 **

11.7290 *

11.7080 **

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