EUR/ILS may rise 337 - 452 pips

Our pivot point is at 4.0692.

Our preference

Look for a drop towards 4.0692 before a bounce.

Alternative scenario

The downside breakout of 4.0692 would call for 4.0499 and 4.0384.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.0870 and 4.0853).

Supports and resistances

4.1553 **

4.1438 *

4.1323 **

4.1208

4.0871 last

4.0767

4.0692 **

4.0499 *

4.0384 **

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