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Israeli Shekel Breakdown Continues: USD/ILS Crosses the 4.00 Handle
The USD/ILS breakout has continued to run and yesterday produced the first test in the pair above the psychological 4.00 level in more than eight years. That spot of resistance was last in-play from December of 2014 through April of 2015, when it held five months of resistance tests before bears were finally able to re-take control of the pair. I had mentioned the importance of this level last week when the breakout was in process and bulls have since continued to drive to fresh highs, with a strong thrust through that level to begin this week’s trade. When I had last looked at the pair on Thursday, prices had ... (full story)