Is the only way up for EUR/USD?

Apr 12,2019 07:24   Source:Forex Crunch

EUR/USD continues trading in a narrow range after the ECB dovish stance faded away and so did other events. Technically, what’s next for the pair?

The Technical Confluences Indicator shows that EUR/USD enjoys massive support around 1.1278 and the surroundings where we see the convergence of the Fibonacci 38.2%, the Bollinger Band 15-min Lower, the Fibonacci 61.8% one-day, the BB 1d-Middle, the Pivot Point one-day R1, the BB 4h-Upper, the Simple Moving Average 5-15m, the previous daily high, and many more.

Further support is quite close. At 1.1260 we note the convergence of the previous weekly high, the previous 4h-Low, the Fibonacci 23.6% one-day, and the SMA 5-1d.

The pair is further backed up by 1.1243 where the SMA 10-1d, the PP 1d-S1, and the Fibonacci 23.6% one-month converge.

Looking up, EUR/USD will need to make its way through many lines of resistance, but the path eventually clears and the initial upside target is 1.1349 where the Fibonacci 61.8% one-month meets the SMA 100-1d.

The next upside target is 1.1390. It is the confluence of the PP one-month R1 and the BB 1d-Upper.

Here is how it looks on the tool:

EUR USD technical confluences April 12 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.

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