In the past two days binary EUR/USD options are trading in very short range around 1.2590. However, the currency pair could fell below 1.25 considering the descending triangle which is a bearish formation. In the next couple of hours break below the support at 1.2550 is highly probable. Binary option investors should be ready for buying “put” options below 1.2550 or could wait to see another upside correction to 1.2580 – 1.2590 before enter in the market. Very short speculative “calls” could also be profitable, but seems more risky. First intraday support is expected at 1.2520, followed by the psychological 1.25. On the opposite direction first resistance is seen at 1.2600, followed by 1.2627.
Tomorrow binary options are expected to be driven by key economic reports, which could easily change the short term picture. Therefore EUR/USD descending triangle formation should be considered as trading opportunity only in the next 24 hours.
The information in this 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.