EUR/NOK may fall 381 - 571 pips

Our pivot point stands at 11.5000.

Our preference

The downside prevails as long as 11.5000 is resistance.

Alternative scenario

The upside breakout of 11.5000, would call for 11.5310 and 11.5500.

Comment

The RSI is below its neutrality area at 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 11.4818 and 11.4878). Finally, the EUR/NOK is trading below its lower Bollinger band (standing at 11.4704).

Supports and resistances

11.5500 **

11.5310 *

11.5000 **

11.4870

11.4691 last

11.4310

11.4120 **

11.3940 *

11.3750 **

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