EUR/USD has room to rise ahead of US retail sales, ECB minutes – Confluence Detector
|EUR/USD is trading around 1.1150, above the previous ranges. Can it continue higher? The technicals look more favorable.
The Technical Confluences Indicator is showing that euro/dollar is mired in a dense cluster of technical lines, but support is more significant than resistance.
EUR/USD has robust support at 1.1140, which is the convergence of the Bollinger Band 4h-Middle, the Fibonacci 61.8% one-day, the Simple Moving average 200-1h, the SMA 200-1d, the SMA 200-15m, the SMA 50-1h, the SMA 10-4h, and the SMA 50-4h.
Further down, another cushion awaits at 1.1099, which is the meeting point of the Fibonacci 61.8% one-month and the SMA 50-one-day.
Looking up, resistance awaits at 1.1192, which is the confluence of the Pivot Point one-day Resistance 2 and the PP one-week R1.
Further above, 1.1244 is last month's high and the next upside target.
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.
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