EUR/NOK may fall 390 - 560 pips

Our pivot point stands at 11.3980.

Our preference

The downside prevails as long as 11.3980 is resistance.

Alternative scenario

Above 11.3980, look for 11.4270 and 11.4430.

Comment

The RSI is below 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 11.3798 and 11.3866).

Supports and resistances

11.4430 **

11.4270 *

11.3980 **

11.3870

11.3690 last

11.3300

11.3130 **

11.2970 *

11.2800 **

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