After the EU Summit surge, these are the levels to watch on EUR/USD

The EUR/USD jumped on the news about an agreement on migration in the EU Summit. What’s next?

The Technical Confluences Indicator shows that there is a good reason why the pair struggles with 1.1650. This is the convergence of the 1h-low, the Fibonacci 23.6% one-month, the Bolinger Band one-hour Upper, the Simple Moving Average 10-15m, the Pivot Point one-day Resistance 2.

Further above, 1.1680 is the confluence of the one-week high, the Pivot Point one-day Resistance 3, the Simple Moving Average 100-4h, and the Bolinger Band one-day Middle. Even higher, 1.1735 is worth mentioning. It is where the Fibonacci 38.2% one-month, the Bolinger Band one-hour-Upper, and the Pivot Point one-week Resistance 1 meet.

In case the pair consolidates, 1.1615 serves as a support line as it is the meeting point of the Fibonacci 38.2% one-week, the Simple Moving Average 210-one-day, the Simple Moving Average 200-1h, the SMA 50-4h, and the Pivot Point one-day Resistance 1.

Stronger support awaits at 1.1576 which is the congestion of the Fibonacci 61.8% one-week, the Fibonacci 38.2% one-day, the Simple Moving Average 10-4h, and the Bolinger Band 15m-Lower.

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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