EUR/USD- Weekly Analysis for Binary Options Brokers
Contents
Fundamentals
The bullish bias in EURUSD is unlikely to end in the next few weeks and among the reasons is that investors will likely speculate on Macron winning the French elections and France remaining in the EU. This can push EURUSD towards 1.10 and you can find some of the best binary options brokers on our site to profit from these upcoming opportunities.
The other thing that should help EURUSD rise is that President Trump failed the first test last week when the new administration was unable to pass a law in Congress to repeal Obamacare. Now, the next thing in line to pass Congress is the tax reform plan that should supposedly give a big boost to the economy. Now, investors are seriously doubting that the tax reform will fail to pass Congress too which will be bearish for the US Dollar
On the calendar, German and Spanish CPI on Thursday and Euro Area CPI on Friday will be out. Strong numbers should continue to support the Euro.
In addition, watch out for any Le Pen/Macron polls shifting the bias for the upcoming French elections on April 23rd. The French elections will sure provide opportunities to profit and it’s best to choose some of the best brokers to trade these opportunities.
From the US Pending home sales on Wednesday, US GDP and unemployment claims on Thursday and the Chicago PMI following the inflation data used for the Fed target – the PCE index will be released on Friday.
In addition Fed speakers Evans on Wednesday, Kaplan on Thursday, and Kashkari on Friday will speak possibly hinting on the future course of rate hikes.
Technicals
The EURUSD is off the highs after the pair hit a strong resistance zone in the 1.0850 – 1.09 area, provided by the 200-day moving average (orange line on the chart) and the lows from October.
Given this, and that EURUSD is in the middle of its current upward channel, there is some more room for the pair to fall towards 1.0770 – 1.0750 before rebounding.
Longer term the uptrend in EURUSD is likely to stick especially if the pair breaks above the 1.09 level then the next resistance to the upside is 1.13
By choosing one of the best brokers a trader can profit on both of these long and short trading opportunities.
EURUSD Daily chart – Pausing at resistance
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