EUR/USD- Binary Options Brokers – Weekly Analysis
We are only 4 days away from the pivotal French Presidential Election and EURUSD is surprisingly rallying at the beginning of this week. Perhaps the only explanation for the rally in EURUSD is because of correlation with the sharp rise in GBPUSD suggest binary options brokers.
The latest polls predict that 4 main candidates have almost equal chances to find themselves in the second round election on May 7. The 4 candidates being Emanuel Macron, Marine Le Pen, François Fillon and Jean-Luc Mélenchon.
The final result on Sunday is completely uncertain due to polls putting the odds of the 4 candidates very close to each other. The latest polls suggest Macron and Le Pen will receive about 23-24% of the vote each, 20% for Fillon and 17-18% for Mélenchon.
The most bullish scenario for EURUSD would be Macron and Fillon to enter the second round, while the most negative-bearish scenario for EURUSD will be a second round between Le Pen and Mélenchon.
Trading this event with UK binary options brokers seems to be the best idea because on Monday next week huge gaps are expected at the market open. Binary options provide protection against such events because the trader can risk the exact desired amount without the possibility of losing additional money because of high volatility.
Binary options brokers analysis shows that currently, EURUSD stands at a prominent Fibonacci resistance zone which is the 50% retracement from the most recent downswing (as shown on the chart) coupled with the 127.2% Fib extension from the 1.0570 – 1.0670 upswing.
If EURUSD goes higher from here, the next similar Fibonacci resistance is at the 61.8% retracement (as shown on the chart) which is strengthened by the 1.618% extension of the 1.0570 – 1.0670 upswing.
Highly uncertain situations like the current EURUSD situation are very suitable for trading via binary options. To take advantage of these market opportunities it’s highly recommended to choose one of the best UK binary options brokers here.
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I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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