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The  EUR/USD  managed to recover on hopes for a trade settlement between China and the US. Where next?

The  Technical Confluences Indicator  shows that there is a convergence of potent technical levels at  1.1441: the Simple Moving Average 200-one-hour, the Fibonacci 161.8% one-month, and the Bolinger Band 15m-Upper.

Further up,  1.1470  is another important resistance area with the Pivot Point one-day Resistance 1, the PP one-month Support 2, and the SMA 10-one-day.

On the downside, the pair has support  1.1390  is the confluence of the Pivot Point one-day S1 and the Fibonacci 38.2% one-week.

The next support area is close by at  1.1368  which is the meeting point of the Pivot Point one-month Support 3 and the one-day low.

While the pair is looking for a new direction, the trading range is well-defined.

Here is how it looks on the tool:

EUR USD technical confluence August 20 2018

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