EUR/USD enjoys strong support and may be ready to rise
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EUR/USD enjoys strong support and may be ready to rise

EUR/USD  dropped from the highs following the upbeat US GDP report. Is it ready to rise? Significant support awaits the pair, opening the door to the upside.

The  Technical Confluences Indicator  shows that euro/dollar enjoys significant support at  1.1352where we see a dense cluster including the Simple Moving Average 10-one-day, the Bollinger Band 4h-Lower, the BB 1d-Middle, the Fibonacci 23.6% one-week, the BB 1h-Lower, the SMA 200-1h, and the SMA 50-4h.

A bit lower, EUR/USD enjoys another support line: at  1.1335  we see the confluence of the Fibonacci 38.2% one-month, and the Fibonacci 38.2% one-week.

Resistance awaits the pair at  1.1395  which is the convergence of the SMA 100-1d and the Fibonacci 61.8% one-month.

1.1475  is the upside target where we see the meeting point of the Pivot Point one-day Resistance 3 and the PP one-week Resistance 3.

Here is how it looks on the tool:

EUR USD technical analysis confluence March 1 2019

Confluence Detector

The Confluence Detector finds  exciting opportunities using Technical Confluences.  The TC is a tool to locate and point out those price levels where there is a  congestion of indicators,  moving averages,  Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence  adjacents  price levels. These weightings mean that one  price level without any indicator  or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.