EUR/ILS may fall 347 - 448 pips

4.0169 is our pivot point.

Our preference

The downside prevails as long as 4.0169 is resistance.

Alternative scenario

The upside breakout of 4.0169, would call for 4.0339 and 4.0440.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.0080 and 4.0143). Finally, the EUR/ILS has penetrated its lower Bollinger band (3.9849).

Supports and resistances

4.0440 **

4.0339 *

4.0169 **

4.0102

3.9802 last

3.9455

3.9354 **

3.9254 *

3.9154 **

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