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EUR/USD  has been grinding its way lower, hitting fresh two-year lows with every pip lost. The slow move may turn into an avalanche is critical support is lost.

The  Technical Confluences Indicator  is showing that EUR/USD has some support awaits at 1.0908, which is the convergence of the Bollinger-Band 1h-Lower, the BB 4h-Lower, and the previous 4h-low.  

It is followed by 1.0886 – which is critical support. It is the meeting point of the Pivot Point one-month Support 1 and the PP 1w-S3.  

Beyond this level, EUR/USD lacks noteworthy support until 1.0783, which is where the PP 1m-S2 meets the price.

Resistance awaits at 1.0942, where we see the confluence of the PP 12-S2, the BB 1d-Lower, and the Simple Moving Average 10-4h.  

Further up, the next significant resistance area is between 1.0976 and 1.0988, where the previous weekly low, the PP 1d-R2, the PP 1w-S1, and the SMA 5-1d meet.  

Here is how it looks on the tool:

EUR USD technical confluence September 27 2019

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