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EUR/USD has an open door to $1.2400, but that is a tough nut to crack — Confluence Detector

Written By Yohay Elam | 2018-04-16 07:54:33 GMT

If the pair does manage to break higher, the next level of resistance is the area around $1.2480. This is the confluence of the one-month high, the PP one-month R1, and the PP one-week R2. 

A failure to move higher opens the door to the downside, but a dense area of support may limit the falls. The most critical line of support is at $1.2320. This is a congestion on several levels: the SMA10 one-day, the Pivot Point one-day S1, the Fibo 61.8% one-week, the BB one-hour-Lower, and more.

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. This means 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

Author

By Yohay Elam
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