EUR/ILS may rise 380 - 514 pips

Our pivot point is at 4.0987.

Our preference

The upside prevails as long as 4.0987 is support.

Alternative scenario

The downside breakout of 4.0987 would call for 4.0764 and 4.0632.

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 trading above both its 20 and 50 period moving average (respectively at 4.1134 and 4.1093). Finally, the EUR/ILS has crossed above its upper Bollinger band (4.1318).

Supports and resistances

4.2136 **

4.2003 *

4.1870 **

4.1736

4.1356 last

4.1074

4.0987 **

4.0764 *

4.0632 **

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