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The  EUR/USD  is trading near the highest levels in two weeks after Democrats secured a victory in the House after a dramatic election night. Republics hold onto the Senate. The split government weighs on the US Dollar. What’s next for the pair?

The  Technical Confluences Indicator  shows that the EUR/USD  is facing its first cluster of resistance lines only above 1.1500, at 1.1506. This is the convergence of the Fibonacci 61.8% one-month and the Pivot Point one-month Resistance 1.

Further above, the next level to watch is  1.1553  where we note the confluence of the Fibonacci 161.8% one-week and the Simple Moving Average 50-one-day.

Looking down, the first substantial meeting point of technical levels is at  1.1440  where we see the Simple Moving Average 10-1h, the previous day’s high, and the Pivot Point one-day Resistance 1.

Close by,  1.1428  is already a considerable cushion where the Fibonacci 38.2% one-month, the Fibonacci 23.6% one-day, the SMA 10-4h, and the Fibonacci 38.2% one-day converge.

Lower,  1.1398  is the meeting point of the PP one-day S1, the previous 4h low, and the Fibonacci 61.8% one-week.

Here is how it looks on the tool:

EUR USD confluence post Mid Terms November 7 2018

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