EUR/USD has its battle lines set ahead of the ECB

The  EUR/USD  has finally begun moving, rising higher after the successful Trump-Juncker summit. It is now awaiting the ECB decision. What lines should we watch?

The  Technical Confluences Indicator  shows that  1.1790  is a significant convergence to the upside. IT includes the Pivot Point one-day Resistance 2, the Pivot Point one-week Resistance 1, and last month’s high. It serves as a key line to breaking higher.

Above this level, there is little resistance.  1.1864  is notable for the Pivot Point one-month Resistance 1.

Looking down, the  1.686  level is a critical support line as it is the confluence of the Fibonacci 38.2% one-week, the Pivot Point one-day Support 1, the Bolinger Band one-day Middle, the Simple Moving Average 10-one-day, and the SMA 50-one-day.

Further down,  1.1643  is the meeting point of the Fibonacci 38.2% one-month, the Fibon 61.8% one-week, and the Pivot Point one-day Support 2.

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.

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