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Is the only way up for EUR/USD?

EUR/USD  continues trading in a narrow range after the ECB dovish stance faded away and so did other events. Technically, what’s next for the pair?

The  Technical Confluences Indicator  shows that EUR/USD enjoys massive support around  1.1278  and the surroundings where we see the convergence of the Fibonacci 38.2%, the Bollinger Band 15-min Lower, the Fibonacci 61.8% one-day, the BB 1d-Middle, the Pivot Point one-day R1, the BB 4h-Upper, the Simple Moving Average 5-15m, the previous daily high, and many more.

Further support is quite close. At  1.1260  we note the convergence of the previous weekly high, the previous 4h-Low, the Fibonacci 23.6% one-day, and the SMA 5-1d.

The pair is further backed up by  1.1243  where the SMA 10-1d, the PP 1d-S1, and the Fibonacci 23.6% one-month converge.

Looking up, EUR/USD will need to make its way through many lines of resistance, but the path eventually clears and the initial upside target is  1.1349  where the Fibonacci 61.8% one-month meets the SMA 100-1d.

The next upside target is  1.1390.  It is the confluence of the PP one-month R1 and the BB 1d-Upper.

Here is how it looks on the tool:

EUR USD technical confluences April 12 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.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.