USD/NOK may fall 621 - 921 pips

Our pivot point stands at 11.0080.

Our preference

The downside prevails as long as 11.0080 is resistance.

Alternative scenario

The upside breakout of 11.0080, would call for 11.0580 and 11.0880.

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 stands below its 20 and 50 period moving average (respectively at 10.9821 and 10.9747).

Supports and resistances

11.0880 **

11.0580 *

11.0080 **

10.9880

10.9671 last

10.9050

10.8750 **

10.8450 *

10.8150 **

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