EUR/USD has solid support and may extend its gains – Confluence Detector

Yohay Elam FXStreet

EUR/USD has been enjoying US dollar weakness related to the trade war with China to reach 1.1200. Can it extend its gains? The world's most popular currency pair enjoys solid support.

The Technical Confluences Indicator is showing that EUR/USD is underpinned by solid support at around 1.1176 which is a dense cluster of lines including the Simple Moving Average 100-4h, the Fibonacci 38.2% one-day, the Fibonacci 38.2% one-month, and the Bollinger Band one-day Middle.

Looking up, noteworthy resistance awaits at 1.1252 which is the convergence of the Fibonacci 161.8% one-week, the previous 4h high, and the Fibonacci 61.8% one-month.

Even high, the next target is 1.1310 where we see the confluence of the BB 1d-Upper, the PP 1w-R3, and the SMA 200-1d.

Below 1.1176, EUR/USD may find support at 1.1129 where three SMAs meet: the 5-1d, the SMA 50-4h, and the SMA 200-1h.

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

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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