The option for today is an analysis cycle for binary options in cooperation with uTrader broker. Every day we present the best PUT or CALL options for a selected financial instrument along with its current technical analysis.
As a result of last week’s very dynamic gains EURUSD broke one local (blue) and one extremely important resistance level of 1.1900. It is worth noting that none of these levels has yet been tested from the top (as a support), which, according to the polarity rule, should occur. Yesterday after a very dynamic morning growth, in the afternoon we saw a supply reaction, which resulted in a daily bearish pin-bar.
Looking on 15-minute chart, we notice that as a result of these gains and subsequent falls, a formation of Head & Shoulders was formed. Just before opening London session the market has beaten the neck line of the formation, which may speak for continuation of the declines in the near future. In the short term, therefore, it is worth considering PUT option on this instrument.
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