Today the price fluctuated wildly between the 78.6% and the 61.8% retracements of the month-long downside move from $92.16 to $77.26. Looks like the 78.6% at $88.97 has taken the role of a resistance and the 61.8% at $86.47 is playing the support in the intraday game.
Binary analysts are looking at a very interesting chart today, because we also have the EMA 4 guarding the support. And on the other side we have the MA 50 hanging above the resistance line.
The $88.95 – $89.15 zone might seem pretty solid, but binary traders should bear in mind, that the latest news might easily push the price at each direction.
A complete shutdown of Norwegian oil and gas production was initiated today. That’s the latest attempt of the Norwegian government to end the 12-day long strike, which is affecting crude exports and lifting the global oil prices, including the binary options.
Effected on 9th of July all of the 6 515 offshore workers will be locked out of their workplaces. Stopping the production will cost around 1.2 million barrels per day. That will gross an amount of around $86.55 million loss per day.
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.