EUR/USD is trading at the upper half of the trading range at the wake of the last European session of the week, ahead of the all-important US jobs report and the German CDU Conference in which Angela Merkel's successor will be elected.
The Technical Confluences Indicator shows that euro/dollar enjoys significant support at 1.1351 where we see the convergence of the Simple Moving Average 50-4h, the SMA 5-one-day, the SMA 200-1h, the Bollinger Band one-day Middle, and the Fibonacci 61.8% one-week.
It is followed closely by 1.1328 where we note the confluence of the Fibonacci 61.8% one-month, the Pivot Point one-day Support 1, the Fibonacci 38.2% one-week, and yesterday's low.
Looking up, there is some resistance around 1.1392 which is the meeting point of the Fibonacci 23.6% one-day and the Fibonacci 38.2% one-month.
The next significant cluster of caps awaits only at 1.1470 which is where the PP one-day R2, the PP one-week R2, and the PP one-month R1 converge.
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.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.