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By: Adam Stone
July 1st 2014 5:26am GMT, London UK

Binary trading today will likely refocus on the move higher of the EUR/USD. This should be somewhat surprising considering the trending US stock indices higher. Generally, as a nation’s stock index rises, so does the foreign interest in the index and thus leads to an increase in value of the local currency. In the case of the EUR/USD as it relates to the S&P index of the United States, this relationship has been upended nearly completely. Over the last 2 months, when the S&P has been breaking record after record, the USD has maintained a rather weakened stance.

Looking at the last 24 hours, a slight retreat of the S&P was of no solace to the USD. In fact, it seems the impending correction of the S&P actually led the USD to slip even further than normal and at the moment, the EUR/USD is trading near 1.3687. The move higher above the 1.3650 resistance was very swift, once it broke. But as we explained in our daily analysis for binary options traders yesterday, reversal strategies would do very well on the EUR/USD. This is expressly what occurred as for many hours, 11 hours to be exact, the forex pair tested and retested the key resistance level and provided binary options traders nearly 10 signals an hour on average. If you took only half of these signals you should have had over 50 winning trades and about 10 false signals. That’s a fantastic result and one we constantly seek while trading. Of course, the trading formation seen on the charts which culminated in the break, the move higher was a great opportunity in and of itself to take a large break with a large trade and enjoy the profit.

For the day ahead, binary options traders can refocus on the EUR/USD as we mentioned above and this due to the nearing of the pair to the resistance at 1.3695. The local resistance is likely to break in the coming hours. 1.3770 is the resistance above this local resistance and this leaves the currency with a lot of room to run higher if and when a break is seen. We do not expect a move all the way to 1.3770 and in fact, the currency pair may actually consolidate some of the gains made yesterday with a slight correction first in order to build up some momentum. With no major news expected to hit the markets today, this consolidation is probably the most likely of scenarios. But you should still keep the currency pair on your watch list and await a break with great anticipation.

EURUSD with binary options 1-7-2014

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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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