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.
Our Recommended Binary Options brokers to trade EURUSD:
Best Regulated Broker
IQ Option is the world’s leading EU regulated financial broker based with a revolutionary platform for all traders. Read IQOption review
- One of the best Trading App for Binary Options
- Minimum Deposit of only $10
- Minimum Trade of $1
- Trusted Broker
- $10,000 Virtual Funds ( Demo Account )
- Quick Withdrawals
- Outstanding Platform
- Weekly Tournaments
- Gain up to 100%* (in case of a correct prediction)”
Top Uk Broker
HighLow is a Top binary options broker in UK with a simple trading platform and free demo account. Read HighLow review
- Fast Withdrawals
- Only £50 Minimum Trade
- Regulated Broker by ASIC-Australia
- Bonus £50 Cask-back
- Free Demo
- Up to 200% Return
Your capital may be at risk. This material is not investment advice
- EURUSD- Weekly outlook- 3rd June 2022 - June 3, 2022
- BTCUSD – Weekly outlook for Bitcoin Price – 28th May 2022 - May 28, 2022
- USDSGDWeekly outlook for Singapore Dollar – 19th May 2022 - May 20, 2022