EURUSD Analysis for Binary Options brokers
The strong bullish trend in the EURUSD pair continues to march higher on a slowly but surely shifting ECB to the hawkish side, note Binary Options Brokers. The pair is up more than 1000 pips (more than 10%) since early April this year as the prospects for monetary tightening from the ECB continue to rise, while the prospects for further Fed tightening is getting weaker and weaker.
Inflation is almost non-existent across the entire developed world, but the rise in the Euro versus the Dollar has more to do with the improving economic conditions in the Eurozone compared to previous years. The facts that the economy is growing again and that prospects for continued strong growth are good are enough for the ECB to start to remove the extradentary amount of stimulus, note Binary Options Brokers.
EURUSD naturally corrects higher, and taken into consideration that the EURUSD pair is still trading significantly under fair value, this uptrend seems unlikely to end anytime soon.
The pair can be traded profitably both through the spot market by looking for levels to positions long, and through call binary options. In this regard, a trusted binary options broker is a must in order to have a flawless trading experience.
The technicals are fully in line with the fundamentals as indicators point to further upside. Notably, nearly all retracements since April have been very shallow in the EURUSD pair with steep thrusting price action to the upside. This kind of price action is suggestive of strong bullish momentum with the only signal being – a continued move up, suggest analysis of Binary Options Brokers.
The next resistance to the upside is likely to be the 1.18 area where the 200-week moving average is found in addition to the resistance provided by the 2010 multi-year lows in the pair.
To the downside, retracements are likely to continue to be shallow and the 1.15 level should hold off any deeper declines in the currency pair.
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