EUR/NOK may rise 360 - 530 pips

Our pivot point is at 11.4770.

Our preference

Our next up target stands at 11.5580.

Alternative scenario

Below 11.4770, expect 11.4490 and 11.4320.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.4938 and 11.4973).

Supports and resistances

11.5910 **

11.5740 *

11.5580 **

11.5410

11.5050 last

11.4880

11.4770 **

11.4490 *

11.4320 **

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