After a sharp fall, Israeli shekel begins to correct to 3.6/3.7 nis per euro.
Now we can see an almost ideal Wolfe wave with strong divergence as a confirmation.
Also 4 ils is a round number with a good supply zone in the past.
For my opinion very soon we will see 4 nis per euro
Have a good trades=)
technical analysis:
on monthly, bullish divergence, the retesting and retesting of a descending resistance with many fake out breakouts. the more a resistance is tested the more likely it is to break.
some fundamental analysis:
it has a miniscule inflation rate right now at 0.84% in 2021. but on average it is 21.46% this is due to 370% inflation rate around...
Pattern: Channel Down on 1W.
Signal: Bearish as the price made a Lower High on the 1D MA50. Confirmation of signal once the dashed line breaks.
Target: 3.700 (above -6.00% from the High).
EURILS has been trading within a long term Channel Down since December 2018 (RSI = 38.590, MACD = -0.085, ADX = 31.136, Highs/Lows = -0.0915). At the moment it is trading around the 1D MA50 and on the Lower High trend line. We expect the price to be rejected back to the 3.7790 Support. If not, then the June - December 2018 fractal may be played out: rise towards...
The pair is on a strong 1M Channel Down (RSI = 37.575, MACD = 0.082, Highs/Lows = -0.1355) since the beginning of the year. We are expecting another test of the 3.7870 1D Support. Based on the RSI (despite being a bullish divergence) we are expecting a symmetric low outside the Channel. That should be the 3.7870 contact.
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EURILS has just priced a Lower High on the 1D Channel Down (RSI = 48.245, MACD = -0.010, Highs/Lows = 0.0000) and has started to reverse. We are short with TP = 4.0900.
