EUR/NOK may rise 525 - 735 pips

Our pivot point stands at 11.2630.

Our preference

Rebound towards 11.3630.

Alternative scenario

The downside breakout of 11.2630 would call for 11.2290 and 11.2090.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading above its 20 period moving average (11.2878) but under its 50 period moving average (11.2900).

Supports and resistances

11.4030 **

11.3830 *

11.3630 **

11.3420

11.2895 last

11.2760

11.2630 **

11.2290 *

11.2090 **

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