EUR/USD has kicked off the week with a flash move to near 1.15 but it retreated back to around 1.14. Coronavirus fears are dominating markets. Where next?
The Technical Confluences Indicator is showing that resistance awaits at 1.1441, which is the convergence of the Bollinger Band 1h-Upper, the Pivot Point one-week Resistance 1, the PP one-day R2, and more.
Further above, weak resistance awaits at 1.1477, which is where the Pivot Point one-month Resistance 3 hits the price.
Some support awaits at 1.1359, which is the meeting point of the previous daily high, the Simple Moving Average 5-4h, and the BB 1h-Middle.
Further down, robust support awaits at 1.1282, which is the confluence of the Fibonacci 23.6% one-week, the PP one-month R2, and the Fibonacci 161.8% one-month.
Here is how it looks on the tool:
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.
Learn more about Technical Confluence
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