The next downside target in the EUR/USD is at 1.0753 – Confluence Monitor

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EUR/USD extended EUR/USD Its decline is trading at its lowest level since the spring of 2017. Could it recover or will it continue to decline?

The Technical Confluences Indicator shows that the EUR/USD pair EUR/USD It has only weak support groups in its descending path, with only significant support at 1.0753, which is the confluence of the third pivotal support one-week and the third pivotal support one-month.

For the uptrend, the resistance is fierce. The initial resistance is located at the 1.0850 area, which represents a group of lines, including the SMA 5 one-hour, the middle border of the Bollinger band one-hour, the second pivotal support one-week and the Fibonacci retracement levels of 23.6% On the daily frame.

After that, there is a range of thick resistances at 1.0877, which includes: the 50-hour simple moving average, the first pivotal resistance one-day, the upper border of the Bollinger band one-hour, 61.8 retracement levels% Fibonacci one-day, the second pivotal support one-month, and the simple moving average 200 one-minute, 15-minute.

Finally, another important resistance awaits at 1.09, which is the confluence of the 1st Pivot Support one-week, the 100-hour SMA and the 5-day SMA.

In general, the path of least resistance is to the downside.

What does the tool look like:

The next downside target in the EUR/USD is at 1.0753 – Confluence Monitor

Monitor technical meeting areas

Convergence Spotters find exciting opportunities by using the Convergence Zones. The Technical Zone Monitor is a tool for identifying price zones where there is congestion of indicators, moving averages, Fibonacci retracement levels and pivot points, etc. Knowing the areas of congestion is very useful to the trader, and this can be used as a basis for different strategies.

This tool assigns a certain amount of “weight” to each indicator, and this “weight” can affect neighboring price levels. These weights mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels causes more resistance to build up than adjacent levels. In these cases, the tool clearly indicates resistance in empty areas.

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