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:
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
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