Binary options on FTSE100 closed higher on Friday’s trading session with some 0.97% rises and closing underlying asset prices at 5’627.21. Binary traders were mainly buying binary “call” options on the index on some rumors reported that the European Central Bank and euro-zone governments are planning to buy Spanish and Italian debt, The FTSE100 continue to be supported on those levels and some small higher prices could be seen over next sessions.
After reaching the 61.8% Fibonacci retracement in late June, binary traders have been mainly buying “call” binary options on the index and pushed prices inside an uptrend channel clearly defined up to 5’700.00 resistance levels for a double top testing resistance for the time being,. Since last week trading session binary traders pushed prices out of the uptrend channel and triangle pattern formation to reach the 38.2% retracement who is acting as major support at 5’533.99 region. During last Friday’s trading session binary traders pushed FTSE100 prices for a rebound over the MA200 line resistance situated at 5’617.58 which could suggest that the index could continue its rise for a test over the lower line of the channel at 5’668.55. A break of those levels could accelerate the rebound for a test of a triple top resistance at 5’700.00 mark. On the downside view a break of the major support situated at 5’599.00 area could accelerate the fall for a return to test the 38.2% Fibonacci retracement area at 5’538.64 zone.
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.