EUR/NOK may fall 462 - 632 pips

11.5560 is our pivot point.

Our preference

The downside prevails as long as 11.5560 is resistance.

Alternative scenario

The upside breakout of 11.5560, would call for 11.5850 and 11.6010.

Comment

The RSI is below its neutrality area at 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 11.5470 and 11.5410).

Supports and resistances

11.6010 **

11.5850 *

11.5560 **

11.5450

11.5332 last

11.4870

11.4700 **

11.4540 *

11.4370 **

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