Weekly Analysis for Binary Options Brokers
It seems there is not stopping for the EURUSD uptrend with the pair still hovering around two-year highs. However, analysis at Binary Options Brokers points that nothing significant occurred last week for the last push higher. The Jackson Hole conference was the main focus, specifically, the speeches from ECB and Fed heads Mario Draghi and Janet Yellen. Neither of them announced anything significant and yet EURUSD rallied sharply higher.
Short to medium term fundamental models suggest that EURUSD is still in overextended territory and if we take into consideration that several important events like the ECB and Fed meetings will take place in the month of September, EURUSD is unlikely to move much higher from here suggest Binary Options Brokers. However, a sharp reversal is improbable also because the European economy continues to be robust while the US economic acceleration still seems elusive. Range-trading in the near to medium term seems most probable, Binary Options Brokers conclude.
The pair is approaching the crucial 1.20 resistance area and some trouble for the uptrend seems likely at this point given the overbought levels and the significance of this resistance. Notably, this area stopped several uptrends and downtrends in the past decades. EURUSD just blasting through it while being deeply overbought seems extremely unlikely suggest Binary Options Brokers.
To take a safer approach, traders can consider positioning with binary options puts from these levels targeting a move lower first to 1.18 and lower to 1.15 in case of a deeper retracement.
Based on the weekly chart, the next resistance above 1.20 would be around 1.27 – 1.28, while support comes in at around 1.15.
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