Binary DAX30 is one of the best performing European indexes. The recent market turmoil was not able to break the enthusiasm of the binary traders investing in the underlying trading vehicle. This is mainly because the confidence in the German economy is high enough to keep hopes alive of global stabilization, despite, the current economic and debt problems.
For a ten consecutive week, binary options on DAX30 have been rising. This reveals the binary traders` optimism about the strength of the economy, which is the best sign of stabilization. However, the real question is whether this tendency will be preserved. The market participants wonder whether the move is exhausted already. It seems like the binary options are overbought and a correction is needed in order to make the binary index more attractive for trading.
Technically speaking, binary options might be at their limits. There is a strong resistance line on the weekly chart, as it is shown on the graph. It is shown from 7600 points through 7200 points.
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.