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EUR/USD  has been gradually recovering as the US dollar was hit by disappointing data. And now, the greenback faces the most-important test – Non-Farm Payrolls.

The  Technical Confluences Indicator  is showing that EUR/USD enjoys robust support at 1.0965, which is the convergence of the Simple Moving Average 10-one-day, the Fibonacci 61.8% one-day, the SMA 10-4h, and the Bollinger Band one-hour Middle.

Close by, the world’s most popular currency pair enjoys another solid support cluster at 1.0941, which is the convergence including the Fibonacci 23.6% one-month, the BB 4h-Middle, and the previous daily low.  

Looking up, significant resistance is only at 1.1027, and it is weaker than the support lines described above. At that line, the Fibonacci 61.8% one-month and the previous weekly high converge.  

The upside target is 1.1115, which is the confluence of the BB one-day Upper and the previous monthly high/

Here is how it looks on the tool:

EUR USD October 4 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