EURUSD Analysis for Binary Options Brokers
Binary Options Brokers analysis suggest EURUSD is undergoing a major bullish breakout as the pair surged above the 1.1250 – 1.13 key resistance area this week. The sharp move comes after ECB President Mario Draghi delivered a strong hawkish message in his speech earlier this week. Traders read the message as a preannouncement of monetary tightening from the ECB although Draghi didn’t want to pre-commit to any policy changes.
The Dollar on the other hand, despite having a central bank that is raising rates, is still on the back foot and that is further fueling the strong EURUSD rally. The Eurozone economy has overall outperformed the US this year and that’s one of the main factors for the rally in the Euro against the US Dollar note Binary Options Brokers.
Looking for levels to join this uptrend is the prudent and logical move at this stage for the pair. Alternatively, playing the moves in EURUSD via binary options may be a better way to trade many.
The rally in the EURUSD pair has been striking especially after the “Macron” gap above 1.08. A tall green candle is forming so far this week. It will be important to see where it closes because the current levels are multi-month resistance.
In fact, the whole area between 1.1350 – 1.15 is a strong multi-year resistance right before the next resistance area of 1.15 – 1.17.
If the pair pauses here and turns, 1.1250 will be support to the downside. 1.10 is a stronger support lower that should hold off deeper retracements in case the market gets there.
Traders can sign up with a regulated binary options broker and trade the pair without the risk of having their trades shaken off by the wild moves that the EURUSD pair experienced recently.
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Your capital may be at risk. This material is not investment advice
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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