The EUR/USD enjoyed an upswing above 1.1600 as the US Dollar lost ground across the board. What’s next?
The Technical Confluences Indicator shows that the first cluster of technical levels awaits at 1.1660 where we see the Simple Moving Average 100-4h, the Fibonacci 61.8% one-month, and the Bolinger Band one-day Middle (Standard Deviation 2.2).
Next up, 1.1690 is already a more robust convergence featuring the potent Fibonacci 61.8% one-week, Pivot Point one-day Resistance 3, and the PP one-week Resistance 1.
Even higher, 1.1750 is the confluence of the Fibonacci 23.6% one-month and last week’s high.
At current levels, 1.1624 is an area of struggle 1.1624 is the confluence of the BB one-hour-Upper, the BB 4h-Upper, the 4h high, the SMA 10-15m, and the PP R1.
Below 1.1600 we find 1.1582 as the meeting point of the BB 4h-Middle, the PP one-month S1, the BB 1h-Lower, the Fibonacci 38.2% one-day, and the SMA 100-1h.
The most prominent support level is 1.1564 which is the confluence of last month’s low, last week’s low, and the BB one-day Lower
Here is how it looks on the tool:
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.
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