EUR/NOK may fall to 11.0430 - 11.1570

Our pivot point is at 11.5970.

Our preference

The downside prevails as long as 11.5970 is resistance.

Alternative scenario

Above 11.5970, look for 11.7890 and 11.9040.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 11.5501 and 11.6391).

Supports and resistances

11.9040 **

11.7890 *

11.5970 **

11.5210

11.4376 last

11.1570

11.0430 **

10.9290 *

10.8150 **

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