EUR/NOK may fall 519 - 759 pips

Our pivot point stands at 11.8330.

Our preference

The downside prevails as long as 11.8330 is resistance.

Alternative scenario

The upside breakout of 11.8330, would call for 11.8730 and 11.8970.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 11.8152 and 11.8348). Finally, the EUR/NOK has penetrated its lower Bollinger band (11.7980).

Supports and resistances

11.8970 **

11.8730 *

11.8330 **

11.8170

11.7949 last

11.7430

11.7190 **

11.6950 *

11.6700 **

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