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EUR/USD  has been advancing after disappointing US data weighed on the Dollar. Can the world’s most popular currency pair continue higher?  

The  Technical Confluences Indicator  is showing that EUR/USD faces fierce resistance at 1.0968, which is a dense cluster of lines including the previous daily high, the Simple Moving Average 10-one-day, the Fibonacci 38.2% one-month, and the Bollinger Band four-hour Upper.  

If it breaks higher, the upside target is 1.1025, which is the convergence of the Fibonacci 61.8% one-month and the SMA 200-4h.

Looking down, support awaits at around 1.0940, where we see the confluence of the Fibonacci 38.2% one-day, the SMA 10-4h, the Fibonacci 23.6% one-month, the BB one-hour Lower, the SMA 50-1h, the SMA 5-1d, and the Fibonacci 23.6% one-week.  

Further down, significant support awaits at 1.0888, which is the meeting point of the previous monthly low and the Pivot Point one-week Support 1.

Here is how it looks on the tool:

EUR USD October 3 2019 technical confluence

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