EUR/USD analysis: correcting oversold conditions, still at risk of falling
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It was a rough week for the common currency, as persistent tensions between the US and China kept high-yielding currencies away from speculative interest's radar. The EUR/USD pair fell, trimming most of the last two-week gains and losing the 1.1200 figure, also undermined by softer-than-expected Chinese data, which revived concerns about the global economic slowdown, and, as the Union stands at the edge of the cliff, was among the most affected.
USD/JPY has surpassed the 110.00 level as the greenback's strength outweighed safe-haven flows. What levels should we watch out for?
The Technical Confluences Indicator shows that USD/JPY has massive support around 109.80 where a dense cluster of levels awaits it. That includes the Fibonacci 161.8% one-month, the Bollinger Band 4h-Middle, the Simple Moving Average 200-1h, the Fibonacci 38.2% one-week, the Fibonacci 61.8% one-day, the Pivot Point one-day Support 1 and more.
If it breaches this support region, the next significant support is at 109.09 where the Fibonacci 161.8% one-day and the PP 1m-S3 converge.
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