EUR/NOK may rise 526 - 736 pips

Our pivot point stands at 11.7930.

Our preference

Rebound towards 11.8950.

Alternative scenario

The downside breakout of 11.7930 would call for 11.7590 and 11.7390.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8341 and 11.8393).

Supports and resistances

11.9350 **

11.9150 *

11.8950 **

11.8740

11.8214 last

11.8070

11.7930 **

11.7590 *

11.7390 **

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