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Daily Binary Options Analysis for February 23, 2017

EUR/USD
The EUR/USD binary option initiated a bullish impulse after the price reached the psychological support level at $1.0500. As a result, the price action reached the 38.2% Fibonacci Level of the previous bearish trend. After couple tests of the level, the price bounced downward and went again below the support at $1.0550.

23022017-EURUSD

The two arrows on the H1 chart of the EUR/USD show the two tests at the 38.2% Fibonacci level. If the price breaks the next Fibonacci level on the way down at 23.6%, the price will be expected to test again the 0.00 level, which matches with the psychological support at $1.0500.

On the other hand, if the price breaks the 38.2% Fibonacci level we will expect a further retracement to the 50.0% Fibonacci level.

Crude Oil
The Oil prices initiated a new bullish run during the yesterday’s trading session. The price reached its green bullish trend line and bounced again creating five bullish H4 candles and two gaps on the way up. This speaks of the strength in the price increase.

23022017-BrentOil

The chart above is H4 of the Brent Crude Oil binary option. The red circle shows the moment of the bounce from the green bullish trend line.

The blue line you see on the chart is a trend we built yesterday. It began as the Oil price action deviated from the green bullish trend line closing a bottom below. The bounce from the red circle was a result of the test at the green bullish trend and the sharper blue bullish trend. Now the Brent is approaching the resistance at $57.00 per barrel.

Later in the day, we expect the announcement of the US Crude Oil Inventories, which is likely to cause very high volatility on the energy market, predetermining the Oil price move in the next days.

Zynga Inc.
Zynga Incorporated falls in our focus today as one of the biggest gainers from the yesterday’s trading session. The ZNGA binary option price appreciated with $0.12 per share, which caused an increase of the remarkable 4.43% in the value of the security. This way, the Zynga price reached more than 3-month high closing at $2.82 per share.

23022017-Zynga

The H1 chart of Zynga shows us that the yesterday’s price increase goes above the resistance at $2.80. The ZNGA binary option finished the Tuesday trading session at the $2.70 resistance level. On Wednesday, the stock expanded to $2.80 and finished the trading day at $2.82.

This is another confirmation that the stock is following a fresh bullish trend. Furthermore, the breakout above $2.80 is a further implication that the stock might attempt a run to the psychological resistance level at $3.00 per share.

Facebook Inc.
The other gainer we will go through today is the social media giant Facebook Incorporated. The FB security added $2.40 to its binary option price, which was the reason for the 1.79% expansion in the value of the stock.

23022017-Facebook

The Facebook increase is a result of price interaction with the all-time orange bullish trend. The bounce from the trend is pointed by the black arrow on the chart, and it happened right in the beginning of 2017.

The recent price action of Facebook resembles a Rising Wedge chart pattern (blue). This is a pattern known to have bearish potential. However, the potential is not that big to send the price to the orange bullish trend. Therefore, we believe that the blue Rising Wedge is a premise for a correction in a bearish direction.

It is important to mention that the current bullish impulse caused by the interaction with the orange bullish trend is not sufficiently big compared to the other bullish impulses on the weekly Facebook chart. Therefore, the price might undertake a further expansion in the next weeks. However, a bearish correction might appear first as a result of the blue Rising Wedge pattern.

D. D.
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