EUR/NOK may rise 407 - 597 pips

Our pivot point is at 11.3960.

Our preference

Rebound towards 11.4920.

Alternative scenario

The downside breakout of 11.3960 would call for 11.3650 and 11.3460.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4328 and 11.4397).

Supports and resistances

11.5290 **

11.5100 *

11.4920 **

11.4730

11.4323 last

11.4080

11.3960 **

11.3650 *

11.3460 **

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