EUR/NOK may fall 385 - 575 pips

Our pivot point is at 11.4340.

Our preference

Under pressure below 11.4340.

Alternative scenario

The upside breakout of 11.4340, would call for 11.4650 and 11.4830.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 11.4131 and 11.4072).

Supports and resistances

11.4830 **

11.4650 *

11.4340 **

11.4220

11.4035 last

11.3650

11.3460 **

11.3280 *

11.3090 **

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