EUR/USD has been retreating from the high levels it reached as US yields boosted the dollar. How is EUR/USD positioned ahead of the all-important Non-Farm Payrolls and the speech by Jerome Powell? The Technical Confluences Indicator is showing that EUR/USD is struggling around 1.1042, which is a dense cluster of lines including the Simple Moving Average 515m, the Fibonacci 38.2% one-week, the Bollinger Band 15min-Upper, the BB 1h-Middle, the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-day, the SMA 10-1h, the SMA 10-15m, the SMA 10-4h, and the SMA 10-1d. Looking up, robust resistance awaits at 1.1078, which is the convergence of the Fibonacci 38.2% one-month and the Pivot Point one-day Resistance 1. Further above, there are additional confluences of resistance, with 1.1141 standing out, where the Fibonacci 61.8% one-month and the PP 1d-R3 meet. Looking down, some support awaits at 1.1008, where we see the PP 1d-S1 and the Fibonacci 23.6% one-week converge. The downside target is 1.0963, which is the confluence of the BB 1d-Lower and the previous monthly low. All in all, resistance lines are stronger than support lines. 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. Learn more about Technical Confluence FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR Futures: further upside not ruled out FX Street 4 years EUR/USD has been retreating from the high levels it reached as US yields boosted the dollar. How is EUR/USD positioned ahead of the all-important Non-Farm Payrolls and the speech by Jerome Powell? The Technical Confluences Indicator is showing that EUR/USD is struggling around 1.1042, which is a dense cluster of lines including the Simple Moving Average 515m, the Fibonacci 38.2% one-week, the Bollinger Band 15min-Upper, the BB 1h-Middle, the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-day, the SMA 10-1h, the SMA 10-15m, the SMA 10-4h, and the SMA 10-1d. Looking up, robust resistance awaits at 1.1078, which is the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
