EUR/ILS may rise 328 - 410 pips

4.1672 is our pivot point.

Our preference

The upside prevails as long as 4.1672 is support.

Alternative scenario

The downside breakout of 4.1672 would call for 4.1534 and 4.1452.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.1552 and 4.1401).

Supports and resistances

4.2395 **

4.2312 *

4.2230 **

4.2148

4.1820 last

4.1726

4.1672 **

4.1534 *

4.1452 **

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