EUR/USD on the edge of the cliff

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EUR/USD has been retreating from the highs as hawkish comments from a member of the European Central Bank only lifted the currency pair temporarily. Euro-zone and US inflation figures are due out later today and the technical picture looks unfavorable.

The Technical Confluences Indicator is showing that EUR/USD has weak support at 1.1018, which is the convergence of the Pivot Point one-day Support 2 and the PP one-week S2.

Further down, the next support line is also weak and already awaits euro/dollar below 1.1000. At 1.0984 we see the confluence of the PP 1d-S3 and the Fibonacci 161.8% one-week.

Looking up, EUR/USD faces fierce resistance at 1.1064, which is a dense cluster of lines including the Bollinger Band 1h-Middle, the previous monthly low, the Fibonacci 38.2% one-day, and the Simple Moving Average 100-15m.

The next cap is also considerable. At 1.1093 we see the SMA 10-1d, the Fibonacci 61.8% one-week, and the SMA 50-4h converge.

Another hurdle awaits at 1.1133, which is the meeting point of the Fibonacci 23.6% one-week, the BB 1d-Middle, and more.

Here is how it looks on the tool:

EUR USD August 30 2019 technical confluence

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.