EUR/ILS may rise 277 - 376 pips

4.0692 is our pivot point.

Our preference

Look for a drop towards 4.0692 before a bounce.

Alternative scenario

Below 4.0692, expect 4.0527 and 4.0428.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is below its 20 period moving average (4.0873) but above its 50 period moving average (4.0856).

Supports and resistances

4.1437 **

4.1338 *

4.1239 **

4.1140

4.0863 last

4.0757

4.0692 **

4.0527 *

4.0428 **

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