EUR/ILS may rise 269 - 349 pips

4.0796 is our pivot point.

Our preference

The upside prevails as long as 4.0796 is support.

Alternative scenario

The downside breakout of 4.0796 would call for 4.0661 and 4.0581.

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 above its 20 and 50 period moving average (respectively at 4.0852 and 4.0788).

Supports and resistances

4.1413 **

4.1333 *

4.1252 **

4.1172

4.0903 last

4.0849

4.0796 **

4.0661 *

4.0581 **

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