EUR/USD next levels to watch after topping 1.12 – Confluence Detector
EUR/USD has been on the rise in the last days of 2019, topping 1.12 in last-minute adjustment. Where next for the world's most popular currency pair?
The Technical Confluences Indicator is showing that the next resistance line is close, at 1.1222, which is the convergence of the Pivot Point one-week Resistance 1, the Bollinger Band one-hour Upper and the previous year's low.
Further up, the next level to watch is 1.1258, which is the confluence of two pivot points, the one-day R2, and the one-month R2.
Next, EUR/USD may target 1.1298, which is where the Fibonacci 161.8% one-month.
Some support awaits at 1.1170, which is where the Simple Moving Average 100-15m, the BB one-day Upper, and the Fibonacci 23.6% one-day converge.
It is followed by substantial support at 1.1118, which is the confluence of the SMA 200-1h, the SMA 50-4h, the SMA 100-5h, the SMA 5-one-day, and the Fibonacci 61.8% one-week.
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.
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.
