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Daily Binary Options Analysis for February 20, 2017

EUR/USD
The price of the EUR/USD binary option increased to the 50% Fibonacci Retracement level taken from the previous bearish trend (green bearish channel). The level sustained the price action, and we saw a bearish bounce that caused the last bearish impulse on the chart.

20022017-EURUSD

The H1 chart of the EUR/USD shows us that the price is currently testing the $1.0600 area as a support again. After the price had interacted with this level, we saw a sideways price move in the $1.0600 – $1.0620 area.

If the price action breaks the $1.0600 support, we are likely to see a further down run to the next psychological support at $1.0550. However, if the $1.0600 support sustains the price action, then we will soon see an interaction with the $1.0640 – $1.0650 area.

Crude Oil
Oil prices did another sharp increase to the upper level of the currently emerging orange bearish channel. This came after the price action interacted with the area around the green bullish trend line from the middle of January 2017. The Oil bounced upwards meeting the channel in its upper part.

20022017-BrentOil

The image above represents the H1 chart of the Brent Crude Oil binary option. The three arrows show the price interaction with the upper level of the orange bearish channel. The third arrow points the current behavior in this resistance area.

Notice that at the same time, the Brent Oil prices are also meeting the resistance level at $56.50. This creates the impression that the price will bounce again in a bearish direction. However, if this happens, we will see a new interaction with the area around the green bullish trend, meaning that the price action will get sandwiched between the two levels. If this happens, we will expect a breakout though one of the two levels.

The valid breakout should be easy to recognize having in mind that trading volumes are currently getting quiet (red line on Volume Indicator). When the price is validly breaking one of the two levels, we are likely to see an increase in the volumes, confirming the breakout.

Gold
The Gold prices are still in the upper-level area of the blue Expanding Triangle. The price action managed to break the resistances at $1,220.00 and $1,230.00, reaching a 3-month high in the $1,245.00 area.

20022017-Gold

The daily chart of the commodity shows the breakout attempt marked with the red circle. Notice that the price action is already above the psychological 100-period Simple Moving Average (pink). But in order to have more certainty that the price will keep increasing above the blue Expanding Triangle, it is better to wait for a breakout through the psychological resistance at $2,250.00. If a break through this level occurs, then we will most likely see further expansion, as hinted by the downward inclination of the blue Expanding Triangle.

Bitcoin
The Bitcoin price increased almost to the high from February 8 at $1,050.00. The expansion came as a result f the last price interaction with the green bullish trend from October 2016.

20022017-Bitcoin

Now the price will most likely meet the $1,050.00 resistance again. If it breaks, we will see a fresh 7-week high on the chart.

On the other hand, notice that the current price increase resembles a Rising Wedge chart pattern. This is a figure that has strong bearish potential. In this relation, the $1,050.00 resistance might send the price to run after the potential of the blue Rising Wedge chart pattern. If this happens, we will be very likely to see a price drop at least to the psychological support level at $1,000.00. Therefore, we believe that the Bitcoin price action during the current trading week will be of great importance for getting ideas about the future outcomes of the most traded cryptocurrency.

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