EUR/USD- Binary Options Brokers – Weekly Analysis
The EURUSD pair is range bound this week report binary options brokers.
After falling for the two previous weeks EURUSD now awaits the French Presidential elections which are to take place in less that two weeks. The high uncertainty surrounding the event and the result of the elections should keep the EURUSD pair range bound at least till the result of the first round is announced on April 23rd.
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Binary options brokers now expect that centrist Emanuel Macron and far-left candidate Marine Le Pen will enter the run-off election by winning about 25% of the votes in the first round. Marine Le Pen has pledged to take France outside of the EU in case she wins in a so-called “Frexit” scenario which will be hugely bearish for the Euro.
Therefore, if Le Pen wins more than 25% of the votes in the first round EURUSD will likely decline on risk aversion. If on the other hand, Le Pen has less than 25% of the votes on April 23rd, EURUSD should experience a small relief rally.
EURUSD has declined sharply off the resistance zone at 1.09 around the 200-day moving average (orange line) and has now fallen below the 100-day moving average (blue line).
Binary options brokers analysis suggests that the previously broken resistance trendline of the channel has provided support at the 1.06 area so far but since price action is flirting with it so many times it’s now a big question whether it will hold or not.
A better level to view as support now is 1.05. Below that, 1.0380 is the next support zone lower.
In the short term, 1.0630 should provide resistance and 1.0550 should act as support.
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