EUR/ILS may rise 261 - 354 pips

Our pivot point is at 4.0763.

Our preference

The upside prevails as long as 4.0763 is support.

Alternative scenario

The downside breakout of 4.0763 would call for 4.0608 and 4.0515.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.0867 and 4.0866).

Supports and resistances

4.1448 **

4.1355 *

4.1262 **

4.1169

4.0908 last

4.0825

4.0763 **

4.0608 *

4.0515 **

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