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By: Adam Stone
July 2nd 2014 5:19am GMT, London UK
 

Binary options traders watched as the US stock markets headed back up and broke yet more records in the process. There were obviously a few days now that we’ve been waiting for this to happen and despite no respite for the uptrend, we were in fact concerned that it would be the end of uptrend due to either the mounting geopolitical pressure arising from the strife in Iraq, the tension heating up in Israel, or the general economic vibe in the US and Europe. However, in terms of the economics of it all, there’s almost nothing to talk about. There have been very few economic reports of note to help push markets in one or another direction.

We do have Fed chairwoman Yellen set to deliver a speech this evening, but we can’t anticipate what the outcome will be for binary options traders. With nothing expected tomorrow or Friday, as it’s a holiday on Friday, it will be a very important event for the markets so pay close attention to Yellen’s speech tonight. With the EUR/USD currently trading near 1.3672, it will be very interesting to see if the markets are capable of today. With the optimism surrounding the financial markets in the US and the USD making a slight push today, things could culminate with a big move later in the day.

As such, binary options traders will do well to keep focused on 1.3645, the support level and the resistance at 1.37. Neither levels were both tested in the last 3 days and will likely be tested again. For traders, reversal strategies will likely be the best strategy for the day ahead. Binary traders will be able to take up options on any test of the support and down options in the case of another test of the resistance.

EURUSD with binary options 2-7-2014

It is also important to note that the range as delimited by the two levels explained above, are not likely to break today. The push higher by the EUR/USD over the last 2 weeks will likely cap any major push by the USD today. In addition, the lack of economic news will also keep things rather limited in terms of breaks. As such, keep things slow and steady with small and short trades for the day ahead.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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