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Daily Binary Options Analysis for February 24, 2017

EUR/USD
The EUR/USD price did a further extension to the next Fibonacci level at 50.0% of the previous bearish trend. The 50.0% Fibonacci Retracement level is close to the psychological resistance at $1.0600 for one Euro, which is the reason why we consider the two levels to be part of the same resistance area.

24022017-EURUSD

As you see on the H1 chart of the EUR/USD binary option above, the price tested twice (black arrows) the resistance zone of the 50.0% Fibonacci level and the $1.0600 resistance. In this relation, we consider the current price action to be a consolidative test of the respective resistance zone.

If the price bounces from the $1.0600 resistance and the 50.0% Fibonacci level, we will most likely see a return to the 0.00% Fibonacci level at the psychological support at $1.0500. However, if the price action breaks the $1.0600 resistance, we will most likely see an increase to the resistances at $1.0620 and $1.0640.

Crude Oil
The Oil prices did another bullish impulse to the level of the tops from February 2 and February 21, 2017. The newly established top in this area could be seen in the yellow circle on the H1 chart of the Brent Crude Oil binary option.

24022017-BrentOil

See that after the increase, the price action bounced in the bearish direction from the respective resistance area that responds to the level at $57.50.

The initiated bearish run is currently pushing the price action to a triple support area that is formed by the 1-month bullish trend (green), the sharper trend formed by the last three bottoms of the price action (blue), and the already broken upper level of the orange bearish channel (orange).

There is a big chance that the price action tests this area as a support, initiating another bounce and a new bullish impulse.

Nvidia Corp.
Today we will discuss couple stocks that we have been discussing recently as two of the biggest movers. The first one is Nvidia Corporation, which is among the biggest losers. The NVDA binary option lost $10.27 from its share price which was the reason for the 9.27% drop in the value of the security.

24022017-Nvidia

The H1 chart of the NVDA binary option shows that the decrease is part of a recent bearish trend, which appeared as a result of the price interaction with the all-time high of the security in the $120.00 area.

As a result, the stock went down to the psychological support level at $100.00 where the price found support and finished the trading session.

Notice that the price action has created a bearish channel on the way down (yellow). The price is currently testing the lower level of the channels as a support. In this relation, we expect a further price increase to the upper level of the channel.

Zynga Inc.
The other big mover we will discuss is again Zynga Incorporated. The ZNGA binary option was a major loser as well. Its stock price decreased with $0.12 per share which caused a 4.24% drop in the value of the security.

24022017-Zynga

The decrease came as a result of the price interaction with the upper level of a bearish channel (blue), combined with the psychological resistance at $2.80. This is clearly seen on the D1 chart of the Zynga binary options. The stock then closed in the area of the previous support at $2.70.

Since we have a bounce from the upper level of the channel, we believe that the price is currently initiating a bearish run to the lower level of the channel. In this relation, the current Zynga state might be providing a nice short trading opportunity.

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