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By: Adam Stone
February 3rd 2014 7:30am GMT, London UK

Binary options traders are ready to start a new week with renewed energies but probably a very similar bearish outlook on the markets. For the second straight week, the GOptions dealing desk has reported a significant drop in index and stock trading volume on binary options, an indicator that has over the last 12 months shown a resounding beating to the US indices. We aren’t completely sure how 40,000 traders (currently trading with GOptions) manage to foresee such calamity in the US financial markets, but the facts are clear as day; binary options traders see red. With US indices again spilling blood on Friday, it’s no surprise that binary options traders have turned their gaze to the likes of the EUR/USD and Gold which have seen a steady increase in volume on binary options of 10% and 14% respectively.

For the day ahead, the EUR/USD will obviously be the headline asset for binary options traders. The recent strength of the USD is not to be trifled with. Despite the incredible rise of the EUR last week in fast and furious fashion, the drop over the last 3 trading sessions has been nothing short of dramatic itself. You shouldn’t be lackadaisical regarding the support level at 1.3480. It’s an important Fibonacci based level from the past and as such is likely to hold up and weather most any storm, at least in the coming hours or until the US open. Once the US open rolls around, things can get a bit heavier for the pair.

Firstly, there is some manufacturing data to hit the markets during the EU session, however we don’t expect much to move based on this. But it will set up the news releases related to manufacturing in the US later in the day. So with so much industry in the news, it’s very possible that there will be some serious moves on the EUR/USD. Expect things to get hectic once the US market opens and if there is yet another surge downwards in stock prices, the EUR/USD could be in for a very bumpy ride.

EURUSD with binary options 3-2-2014

Stocks like Apple (AAPL) continue to lag behind the market on worries about its move into China, which could turn out into a massive bust considering the downturn in the world’s second largest economy. The fact is, the current support at 493, just doesn’t seem very sticky. After losing as much as it did once breaking the triangle pattern from last week, things just keep getting worse. Expect a possible slight rebound, but the trend is certainly downward. Binary options traders looking to take down options once the support level breaks. However, there’s also a massive gap to take into consideration. That gap, created expressly when that triangle broke lower is what is concerning. Gaps tend to be closed rather quickly. So despite our analysis for a further drop, our concern is that the market will first try to close up the gap and then head back down. As such, if the market heads suddenly higher, be prepared to ditch the downward trend on hop on the band wagon for short term uptrends.

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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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