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EUR/USD has little resistance until $1.2480 after breaking higher — Confluence Detector

Written By Yohay Elam | 2018-04-17 04:43:08 GMT

Beyond this line, $1.2555 is the apparent barrier as the 52-week high and the highest level in over three years.

However, the pair is still struggling to confirm the move above $1.2400 and for good reasons. The $1.2400-1.2410 area the pair is struggling with is packed with significant technical lines: the SMA-5-15m, the Pivot Point one-day R1, the Bolinger Band 15m-Upper (Stdv. 2.2), the Pivot Point one-week R1, the Fibonacci 23.6% one-month, and more.

A failure to hold onto these gains may send the pair down to the $1.2360 region were we see the confluence of the SMA50-1h, the SMA100-1h, the Fibo 38.2% one-month, the SMA10-4h, the BB 1h-Middle, the Fibo 61.8% one-day, and the SMA-5 one-day.

Here is how it looks on the tool:

EURUSD technical analysis April 17 2018

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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