EUR/ILS may fall 230 - 321 pips

Our pivot point is at 4.0529.

Our preference

Target 3.9960.

Alternative scenario

Above 4.0529, look for 4.0682 and 4.0773.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (4.0361) but above its 50 period moving average (4.0266). Finally, the EUR/ILS has penetrated its lower Bollinger band (4.0298).

Supports and resistances

4.0773 **

4.0682 *

4.0529 **

4.0469

4.0281 last

4.0051

3.9960 **

3.9869 *

3.9779 **

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