EUR/USD is close to critical support, break or bounce?– Confluence Detector

EUR/USD sticks to a narrow range around 1.1300 after Fed officials provide conflicting messages and markets remain calm ahead of Easter. Where next? It is hovering above critical support.

The Technical Confluences Indicator shows that EUR/USD enjoys substantial support around 1.1284 where a dense cluster awaits the pair. It includes the Simple Moving Average 5-one-day, the Fibonacci 38.2% one-month, the Fibonacci 38.2% one-week, the Pivot Point one-day Support 2, the SMA 200-4h, the SMA 100-1h, the Bollinger Band one-day Middle, and more. 

If it breaks lower, further support awaits at 1.1219 where the previous yearly low, the previous weekly low, and the Pivot Point one-week S1 converge. 

Resistance awaits at 1.1348 where the Fibonacci 61.8% one-month, the PP 1w-R1, the SMA 100-1d, and the PP 1d-R3 all meet.

Further above, 1.1390 is the confluence of the PP 1w-R2, the BB 1d-Upper, and the PP 1m-R1.

All in all, it all depends on the critical support line at 1.1284.

Here is how it looks on the tool:

EUR USD technical confluence April 16 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.

Learn more about Technical Confluence

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD retreats after strong NFP, weak German data

EUR/USD is trading below   1.11 after US Non-Farm Payrolls beat expectations with 266K and mixed wage growth. Earlier, weak German data weighed on the euro. Updates on trade are awaited.


GBP/USD shrugs off strong NFP, focuses on UK elections

GBP/USD is trading below 1.3150 but off the post-NFP lows. The US gained more jobs than expected. The Conservatives remain in the lead ahead of the debate between PM Johnson and Labour leader Corbyn.


US recession? Not so fast, a calm look at the economy and currencies ahead of the NFP

Recent US economic indicators have been downbeat, but they include silver linings and are backed by robust consumption. Valeria Bednarik, Joseph Trevisani, and Yohay Elam...

Read more

Gold drops to fresh multi-day lows on upbeat NFP report

Gold faded an intraday bullish spike to the $1480 area and tumbled to fresh multi-day lows, around the $1465 region in reaction to upbeat US monthly jobs report.

Gold News

USD/JPY: bearish ahead of US employment figures

Japanese data missed the market’s expectations, triggering fresh concerns about the economy. Focus on US employment figures, market players anticipate dismal numbers. USD/JPY is technically bearish could break below the 108.00 level.


Forex Majors