EUR/NOK may fall 427 - 627 pips

Our pivot point stands at 11.4860.

Our preference

Technical rebound towards 11.4860 before a new drop.

Alternative scenario

The upside breakout of 11.4860, would call for 11.5210 and 11.5410.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (11.4433) but under its 50 period moving average (11.4539).

Supports and resistances

11.5410 **

11.5210 *

11.4860 **

11.4730

11.4507 last

11.4080

11.3880 **

11.3670 *

11.3470 **

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