EUR/NOK may fall 391 - 551 pips

Our pivot point stands at 11.4830.

Our preference

The downside prevails as long as 11.4830 is resistance.

Alternative scenario

The upside breakout of 11.4830, would call for 11.5110 and 11.5280.

Comment

The RSI is below 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 11.4796 and 11.4860). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.4599).

Supports and resistances

11.5280 **

11.5110 *

11.4830 **

11.4720

11.4581 last

11.4190

11.4030 **

11.3860 *

11.3690 **

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