EUR/NOK may rise 336 - 506 pips

Our pivot point stands at 11.4560.

Our preference

The upside prevails as long as 11.4560 is support.

Alternative scenario

The downside breakout of 11.4560 would call for 11.4290 and 11.4120.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.4111 and 11.3998). Finally, the EUR/NOK has crossed above its upper Bollinger band (11.4704).

Supports and resistances

11.5760 **

11.5600 *

11.5430 **

11.5260

11.4924 last

11.4670

11.4560 **

11.4290 *

11.4120 **

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