EUR/ILS may rise 340 - 466 pips

Our pivot point stands at 4.1035.

Our preference

The upside prevails as long as 4.1035 is support.

Alternative scenario

The downside breakout of 4.1035 would call for 4.0825 and 4.0699.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 4.1053 and 4.0993). Finally, the EUR/ILS is trading above its upper Bollinger band (standing at 4.1243).

Supports and resistances

4.1961 **

4.1835 *

4.1710 **

4.1584

4.1244 last

4.1118

4.1035 **

4.0825 *

4.0699 **

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