Binary DAX30 attracts the interest of the binary traders. It is volatile enough to enable the market participants to perform different types of trading. The aggressive option traders have plenty of room to place profitable trades. The conservative binary traders place one or two trades per day, but at strong and less risky levels. The binary index is closely watched as a significant indicator of the economic processes in Europe.
Binary DAX30 gives different signals on the different time frames. We should take into consideration the daily and 4h charts. The daily chart gives a bullish outlook for the binary index. The binary options are traded in an upside channel for the last month. The boundaries of the channel are well-defined. The support is drawn from 5910 points through 6150 points. The resistance is drawn from 6200 points through 6300 points.
The binary index is close to 50% of retracement from the previous downside move from 6875 points to 5900 points. It is a good starting point to face a downside pressure. Should the binary option continue upward, potential target is 6475 points. It represents a very solid resistance, being on the screen for the last 4 months. It is drawn from 7195 points through 6875 points.
The 4h chart gives another view of the potential development of the binary index. There is a cluster of Fibonacci grids on the
screen. The wave from 6445 points to 5912 points has been retraced 88.6% at 6380 points. The wave from 6308 points to 6080 points has been retraced 127.2% at the aforementioned level.
Currently, the binary options are gravitating around this level and do not manage to break it. It is less risky to buy binary put options in the zone 6370-6360 points.
Disclaimer:
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.
