EUR/USD may find support only at 1.1220 – Confluence Detector

EUR/USD has been gradually losing ground as trade tension and speculation about the Fed mount. The final top-tier US indicator is due today – retail sales. How low can it go?

The Technical Confluences Indicator shows that EUR/USD is currently mired in a dense cluster of technical lines around 1.1285. The area includes the Bollinger Band 15min-Upper, the Simple Moving average 100-15m, the Fibonacci 38.2% one-day, the previous 4h-high, the SMA 5-15m, the SMA 10-15m, the BB 15min-Middle, the SMA 10-1h, the Fibonacci 23.6% one-day, and the Fibonacci 38.2% one-week.

Strong support awaits at 1.1220 which is the convergence of the previous yearly low, the Bollinger Band 1d-Middle, and the SMA 50-1d. These are all potent lines. 

Initial resistance awaits at 1.1308 which is the confluence of the Fibonacci 23.6% one-week, the BB 4h-Middle, and the SMA 5-1d. 

The next considerable cap is at 1.1350 where the BB 4h-Upper, the BB 1d-Upper, and the previous week's high converge.

Here is how it looks on the tool:

EUR USD technical confluence June 14 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.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD pressured around 1.1200 amid dovish ECB comments

EUR/USD is trading around 1.1200 after ECB officials expressed concern about global growth President Draghi will speak later. Tension is rising toward the Fed decision after US retail sales surprised on Friday.


GBP/USD pressured below 1.2600, Conservative contest in focus

GBP/USD is trading below 1.2600, consolidating the losses seen on Friday after US retail sales beat expectations. The Conservative contest is heating up ahead of tomorrow's second vote.


USD/JPY: wait-and-see continues ahead of Fed

The dollar consolidates its gains against most rival, and scarce data exacerbates the quietness. USD/JPY bullish above 108.90, bearish below 108.10.


Gold: Signs of bullish exhaustion ahead of the Fed

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision.

Read more

Gold: 100-month MA is a level to beat for the bulls

Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018. The yellow metal rose to $1,358 on Friday, but the break above the 100-month MA.

Gold News