After Crashing To A 13-Month Low, EUR/USD Eyes 1.1370

The EUR/USD collapsed under 1.1500 and is already getting closer to 1.1400. What levels should we watch out for?

The Technical Confluences Indicator shows that the pair has some support at 1.1440 which is the convergence of the Pivot Point one’week Support 2 and the Fibonacci 161.8%.

Further down, 1.1370 is the Pivot Point one-month Support 3 which could provide some support. Even lower, we find 1.1321 which is the Pivot Point one-week Support 3.

Looking up, the former 2018 trough of 1.1508 is also the confluence of the PP one-week Support 1, the PP one-day S1, and the Bolinger Band one-hour Lower.

1.1530 is the congestion of the BB 4h-Lower, the one-day, the Simple Moving Average 10-one-hour, and the SMA 5-one-hour.

Here is how it looks on the tool:

(Click on image to enlarge)

EUR USD technical analysis

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.

Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.