EUR/ILS may fall 223 - 329 pips

4.1255 is our pivot point.

Our preference

The downside prevails as long as 4.1255 is resistance.

Alternative scenario

The upside breakout of 4.1255, would call for 4.1434 and 4.1540.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.1125 and 4.1131).

Supports and resistances

4.1540 **

4.1434 *

4.1255 **

4.1185

4.1029 last

4.0806

4.0700 **

4.0594 *

4.0488 **

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