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By: Adam Stone
January 6th 2014 6:01am GMT, London UK
Binary options trading begins this week with a lot to contend with. Start with the fact that there are mixed reports of the future of the US’s Federal Reserve bond-buyback-program. Already understood to be a tapered program from its original 85 billion dollar a month cash infusion, some are beginning to question whether the Fed will take a harder stance and curtail the program at a quicker pace. Others are more inclined to believe Ben Bernanke’s latest statements in which he stated that the pace will be steady and not meant to cause any shock to the markets. He also stated that the economy was strengthening and showing positive signs of recovery. However, he did state that the current pace of hiring, especially amongst the “long-term” unemployed is unusually low. In other words, despite the positive trend in general hiring, the Fed seems unhappy with the pace as well as the height of unemployment, currently measured at more than 7%.

The issue is, binary options traders may not be able to get a proper read on the way the market will perceive this mixed message situation and they are in good company. It’s fairly clear that even the best economists are having a hard time reconciling the current ambiguous picture. The EUR/USD is a good example of this. On the one hand, a continuation of the Fed’s program is an obvious weight on the USD’s value. Printing money makes the USD lose value. However, the USD, despite losing quite a bit of value over the last 12 months, has not been pushed any further than 1.38 or so of late. In fact, possibly due to many of the comments made by Bernanke and others, the USD has actually strengthened in the last 2 sessions and binary options traders should be very focused on this change in stance. The current range has been broken handily (previously between 1.3810 and 1.3705).

We explained on Thursday that a break to the downside by the forex pair was looking very possible and we also provided a number of key strategies to turn a profit on the move. This should have been followed to the letter as it would have netted binary options traders 1 large break trade. Unfortunately, the market didn’t even test the lower boundary and simply broke with great speed and a good trade was made available. But now with the range behind us, a new channel needs to be categorized. The current support is at 1.3582 and binary options traders will do well to keep an eye on this level over the course of the day ahead. More statements and positive news for the US economy will certainly help push the USD even higher and we would advise staying focused on the down side for the EUR/USD pair. Looking for possibilities to the upside will be quite a high risk endeavor as it runs counter to the current minor trend. Of course, a move back up and beyond 1.3810 will certainly allow taking up options again, we would recommend holding off until such time.

At 15:00 the ISM Non Manufacturing PMI index is set for release. Binary options traders would do well to steer clear of the market for a number of minutes as this is released as it can cause big moves for the EUR/USD and major US indices as well.

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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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