EUR/NOK may rise 428 - 638 pips

Our pivot point stands at 11.7750.

Our preference

The upside prevails as long as 11.7750 is support.

Alternative scenario

The downside breakout of 11.7750 would call for 11.7400 and 11.7200.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 11.7970 and 11.8009). Finally, the EUR/NOK is trading above its upper Bollinger band (standing at 11.8141).

Supports and resistances

11.9260 **

11.9060 *

11.8860 **

11.8650

11.8222 last

11.7880

11.7750 **

11.7400 *

11.7200 **

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