EURUSD Technical Analysis for Binary Options - January 3 2018

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EURUSD Technical Analysis for Binary Options - January 3 2018

EURUSD – Weekly Outlook- January 3 2018. EURUSD – Technical Analysis for US Binary Options. Introduction. Major currencies paired against the U.S dollar suffered a huge blow, after a bullish closing month of December. Join us as we take a look at previous and current US binary options technical and fundamental events moving the EURUSD currency pair. Fundamentals. United States: Markit PMI. This week, the Markit Economics released the Manufacturing PMI which is considered a leading fundamental indicator and a significant driver of the GDP.

From our reference scorecard, values above 50 signify an expansion of the economy indicating a bullish sentiment for the USD,  forex results below 50 points, on the other hand, indicates a contraction of the economy with a negative weighting on the USD. The actual result came out 53.8 which is lower than the previous 53.9. This indicates a rising but slowing economy. Euro: Markit PMI. Markit economics also released the Manufacturing Purchasing Managers Index (PMI) for Europe. As the manufacturing sector commands a large portion of total GDP, the manufacturing PMI is a significant pointer of market health and the overall economic form in the Euro Zone.

The actual reading which came out this week was 51.4 compared to the 51.8 of the previous. This indicates bearish sentiment for the EUR. Technical. EURUSD: Monthly Chart. As shown on the above monthly chart of the EURUSD foreign exchange pair, an early confirmation of the bearish hidden divergence pattern was triggered by a breakdown of hidden bullish accumulation at the closing price of the month of April 2018. Moving forward,  forex a bearish accumulation pattern boosted shorting confidence and a dead cross of the MACD finally triggered the divergence pattern at the close of August 2018.

EURUSD: Weekly Chart. A combination of converging signals within the same time range, often offer higher confidence towards a particular trade direction. The Bearish hidden divergence pattern triggered at the closing price of April on the monthly chart,  binary options coincides with the Bearish regular divergence pattern triggered on March 15 from a weekly chart perspective. This combination of patterns on the monthly and weekly time frame were also supported by breakdown of bullish accumulation patterns and  binary options bearish accumulation patterns, leaving resistance levels at 1.25619 and 1.24123.

As the bearish trend of the weekly chart showed weakness, an opposite bullish regular divergence pattern was triggered by a golden cross of the MACD indicator in combination with a bullish accumulation pattern establishing support at 1.13452. Price close below the bullish accumulation support will trigger a change in polarity and consequently a change in trend. EURUSD: Daily Chart. From the daily chart perspective, the pair triggered a bullish regular divergence pattern on November 15 2018.

Rather than push the price higher, the pair entered into a range,  binary options which eventually collapsed by the trigger of a breakdown of bullish accumulation on January 2, 2019.

Source: EURUSD Technical Analysis for Binary Options - January 3 2018

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