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Daily Binary Options Analysis for February 22, 2017

EUR/USD
The price of the EUR/USD binary option did a crucial decrease in a bearish direction. The price broke the support at $1.0520 that marks the bottom from February 15, 2017, and set a 42-day low on the chart. This puts strong bearish emphasize on the EUR/USD charts.

22022017-EURUSD

The H1 chart of the EUR/USD shows the breakout marked with the red circle. The breakout caused a further drop of about 20 pips to the psychological support at $1.0500.

Having in mind that the price is resuming the bearish activity from the green bearish channel you partially see on the chart, we assume that the EUR/USD is likely to break the $1.0500 support continuing the bearish trend. In this relation, we have sufficient reason to believe that the EUR/USD is currently initiating a bearish trend that could last long – even to the next big psychological support at $1.0400.

Later in the day, we expect the announcement of the US Existing Home Sales, as well as the FOMC Meeting Minutes.

Crude Oil
The Oil prices initiated slight decrease after the commodity set new highs on the charts. This happened after the Oil broke its partial orange bearish channel in the bullish direction.

22022017-BrentOil

The H4 chart of the Brent Crude Oil binary option shows us the channel breakout in the red circle. The further price expansion reached the area near the $57.50. As a result, the price changed directions, and it is currently approaching the already broken upper level of the orange channel as a support.

Notice that we have stretched a bullish line (blue) through the last two big bottoms on the chart. This line is with higher inclination than the standard green bullish trend. We assume that the price action is likely to conform with this line if a new bullish trend is currently appearing.

Nvidia Corp.
After Washington’s Birthday holiday on February 20, 2017, one of the biggest stock movers from the yesterday’s trading session was Nvidia Corporation. The NVDA binary option was a gainer that added $3.84 per share to its stock price, increasing by 3.58% in value.

22022017-Nvidia

The increase came as a result of the price interaction with the support at $106.00 per share. This creates the impression that the price might be entering a bullish trend. However, we should not forget that the price action is located below the big orange bullish trend that has been active since November 2016. After breaking it in a bearish direction, the price tested that trend as a support, which could be seen on the chart above.

For this reason, we believe that the bottom at $106.00 plays a crucial role in the NVDA stock price. If the price returns to this level and breaks it downward, we will most likely see a further return to the psychological support at $100.00. However, if the increase continues and the price breaks the resistance at $112.00, then the increase is likely to reach the 2-times tested all-time high level in the $120.00 area.

Zynga Inc.
The other mover we will discuss is Zynga Incorporated – another gainer from the Tuesday’s trading session. The binary option of Zynga added only $0.02 to its share price. However, this insignificant on first sight amount takes 1.12% from the value of the security, putting ZNGA security among the most active stocks.

22022017-Zynga

Looking at the H1 chart of Zynga, we realize that the yesterday’s price increase is part of a jump that was initiated after the price reached the blue bearish line, which connects the last bottoms of the stock. As a result, the price is reaching its 4-times tested resistance at $2.70 per share.

If we confirm a breakout through this level, the expansion might even reach the psychological $3.00 resistance. On the other hand, if we see another bearish bounce from this level, a drop to $2.50 will be expected.

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