EUR/NOK may rise 434 - 634 pips

Our pivot point stands at 11.3310.

Our preference

Rebound towards 11.4240.

Alternative scenario

The downside breakout of 11.3310 would call for 11.2970 and 11.2770.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price stands above its 20 period moving average (11.3542) but below its 50 period moving average (11.3798).

Supports and resistances

11.4640 **

11.4440 *

11.4240 **

11.4040

11.3606 last

11.3450

11.3310 **

11.2970 *

11.2770 **

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