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EUR/USD  has been unable to recover after losing the 1.09 level and is consolidating its losses. Where next for the world’s most popular currency pair? It has some support, but a may find it hard to recover.  

The  Technical Confluences Indicator  is showing that EUR/USD enjoys support at 1.0887, which is the convergence of the Bollinger Band one-hour Lower, the previous day’s low, the previous hourly low, the Pivot Point one-week Support 1, the Simple Moving Average 10-15 minutes, and the BB 4h-Lower.  

If it loses that cushion, it could target 1.0825, which is where the Pivot Point one-month Support 1 and the PP daily S1 hit the price.

Looking up, fierce resistance awaits at 1.0939, which is the confluence of the all-important Fibonacci 23.6% one-week, the PP one-day R1, and the Fibonacci 23.6% one-month.  

Further up, the next target is 1.0973, which is the meeting point of the Fibonacci 38.2% one-month, the SMA 50-4h, and the Fibonacci 61.8% one-week.

Here is how it looks on the tool:

EUR USD technical confluence October 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.

Learn more about Technical Confluence