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By: Adam Stone
June 4th 2014 6:05am GMT, London UK

Binary options traders are awakening to a glut of negativity as US stocks fell alongside many commodities as USD valuation remained under pressure to the downside for much of the last 24 hours. Traders are watching as the markets get more and more volatile leading into the NFP Friday trading session. However, not much in the way of fresh news is available and as such, the trading atmosphere is a rather heated and volatile one. For example, the EUR/USD is still stuck in a range however, the formation on the charts has gone from unpredictable to classic. There is now a formation of a double top on the 30 minute charts and this is interesting for a number of reasons.

The EUR/USD has been trapped in a range for much of the last 5-6 trading sessions. The range is now solidified with this new formation of a double top with resistance at 1.3648 which also has Fibonacci significance as it’s the previous resistance from the move lower 3 months ago. The resistance is limiting the way up for the currency pair and due now to the double top, it looks fairly certain that a break higher is all but finished for the coming week if not more. Binary options traders will thus do well to keep focused on the down side as the currency slides past the support at 1.3590. At least this is the expectation but the timing of it all is still a little murky, we admit.

EURUSD with binary options 4-6-2014

The problem with the structure of the double top, most classicist would argue, is that there were virtually no tests of the actual top. It was just a one off on each occasions and this depresses the validity of the actual formation. It’s still a double top, of this there is no means of denying. However, making accurate predictions when the formation isn’t a pure pattern formation becomes difficult.

Looking to the downside today should prove positive though. Despite the slide in equities and equity indices yesterday, we expect the USD to continue to make a push higher today. Look for further moves in other major currencies to corroborate this move. However, don’t expect perfect correlated moves today. For example, the USD/JPY is moving to its own beat these days and the other majors all seem to be in a hanging or waiting pattern. So be patient as things heat up.

This is especially important considering the release of the ADP report today at 12:15 GMT today. The ADP, a precursor to the ever-hyped NFP report, is a measure of the private sector’s job creation status. The bigger the figure, the better.

ADP Employment
Prior: 220,000
Consensus: 210,000
Consensus Range: 120,000 to 235,000

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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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