EUR/NOK may fall 409 - 609 pips

Our pivot point is at 11.8410.

Our preference

The downside prevails as long as 11.8410 is resistance.

Alternative scenario

Above 11.8410, look for 11.8760 and 11.8960.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.8298 and 11.8418). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.8071).

Supports and resistances

11.8960 **

11.8760 *

11.8410 **

11.8280

11.8059 last

11.7650

11.7450 **

11.7250 *

11.7040 **

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