EUR/USD is trading on shaky ground and likely to plunge – Confluence Spotter

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EUR/USD fell EUR/USD Below the 1.09 area, but it is still above this line for the time being. Where will the world's most popular currency pair go next?

The Technical Confluences Indicator shows that the EUR/USD pair EUR/USD It has support at 1.0902, which is the confluence of the first pivotal support one-week, the first pivotal support one-day, the previous daily low and the lower limit of the Bollinger band one-fourth hour.

In the event of a further decline, critical support awaits at 1.0880, which is the confluence of the 2019 lows and the second pivotal support one-day.

Looking to the upside, some resistance is located at 1.0948, which is the confluence of the 100-hour SMA and the 5-day SMA.

In the event of a further rise, the EUR/USD pair faces EUR/USD Fierce resistance at 1.0992-1.1005, a thick set of lines, including the 23.6 Fibonacci retracement levels% One-week, the upper boundary of the Bollinger band one-week, the first pivotal resistance one-month, the bottom of the previous month, the 200-hour simple moving average, the 50-small moving average 4-hour, and the most important 38.2% Fibonacci retracement one-week.

What does the tool look like:

EUR/USD is trading on shaky ground and likely to plunge – Confluence Spotter

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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