EUR/USD eyes 1.0890 as the next downside target – Confluence Detector


EUR/USD has been on the back foot as the US dollar stormed the board. As it nears the 2019 low of 1.0926, it is time to look at the next downside targets. 

The Technical Confluences Indicator is showing that EUR/USD has some support at 1.0941, which is the meeting point of the Pivot Point one-week Support 2 and the previous daily low.

If the world's most popular currency pair slips to lower ground, the next support line is 1.0890, which is the convergence of the PP 1m-S1, the PP 1d-S2, and the PP 1w-S3.

Noteworthy resistance awaits at 1.0992, which is the confluence of the Fibonacci 61.8% one-day, the Bollinger Band 1h-Upper, the BB 4h-Middle, and the previous weekly low.

A considerable cap awaits at 1.1032, where we see several substantial liens converge – the Fibonacci 38.2% one-week, the Simple Moving Average 100-4h, and the Fibonacci 23.6% one-month.

Here is how it looks on the tool:

EUR USD technical confluence September 26 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.

Learn more about Technical Confluence

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD under pressure near 1.0350 after mixed sentiment data

EUR/USD under pressure near 1.0350 after mixed sentiment data

EUR/USD remains in the negative territory near 1.0350 in the European session on Tuesday, erasing a portion of Monday's gains. The pair is undermined by risk aversion and the US Dollar demand, fuelled by US President Trump's tariff threats, and mixed sentiment data.

EUR/USD News
GBP/USD drops to 1.2250 area on broad USD strength

GBP/USD drops to 1.2250 area on broad USD strength

GBP/USD stays under bearish pressure and trades deep in the red near 1.2250 on Tuesday as the USD gathers strength following US President Trump's tariff threats. The data from the UK showed that the ILO Unemployment Rate edged higher to 4.4% in the three months to November.

GBP/USD News
Gold price eases from over two-month top on stronger USD, positive risk tone

Gold price eases from over two-month top on stronger USD, positive risk tone

Gold price (XAU/USD) retreats slightly after touching its highest level since November 6 during the early European session on Tuesday and currently trades just below the $2,725 area, still up over 0.50% for the day.

Gold News
Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin fails to sustain the $109K mark after Trump’s inauguration

Bitcoin’s price steadies above the $102,000 mark on Tuesday after reaching a new all-time high of $109,588 the previous day. Santiment’s data shows that BTC prices quickly corrected, as social media showed major greed and FOMO among the traders in Bitcoin after President Donald Trump’s inauguration.

Read more
Five keys to trading Trump 2.0 with Gold, Stocks and the US Dollar

Five keys to trading Trump 2.0 with Gold, Stocks and the US Dollar Premium

"I have the best words" – one of Donald Trump's famous quotes represents one of the most significant shifts to trading during his time. Words from the president may have a more significant impact than economic data.

Read more
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures