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By: Adam Stone
June 2nd, 2015 5:08 GMT, London UK

Today’s Binary Options Trading Strategy:

Currency Pair: EUR/GBP
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 0.7200
• Upside Potential: The upside potential for this binary call option is 280 pips to 0.7480
• Downside Potential: The downside potential for this binary call option is 145 pips to 0.7055

The EUR/GBP has recovered from its false breakdown below its horizontal support level which reached an intra-day low of 0.7055 on May 27th 2015. This currency pair accumulated enough downward momentum for a breakdown after retreating from its intra-day high of 0.7283 which was recorded on May 18th 2015. The EUR/GBP previously drifted higher after touching the low end of its horizontal support level which is located at its intra-day low of 0.7123 reached on May 13th 2015. Preceding this level was a corrective phase, as correctly analyzed by online outlets releasing information about options trading, which emerged from its intra-day high of 0.7483 recorded on May 7th 2015.

EUR/GBP Binary Options Chart

Price action is currently trading near the top of its horizontal support level where it ran into its descending resistance level. The EUR/GBP is expected to breakout above this level and accelerate to the upside. Binary options traders can profit from the anticipated breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 0.7200 for a risk/reward ratio of 1.0/1.93.

Volatility decreased during the advance away from its most recent intra-day low, guided higher by its steep ascending support level, but an increase in volatility is anticipated as the EUR/GBP is trapped inside of a tight triangle pattern. Sellers are likely to exercise downward pressure on this currency pair in order to force a breakdown and extend the corrective phase. Buyers are favored to take the increase in upward momentum, the result of the recent drift to the upside, and successfully breakout above its descending resistance level.

The EUR/GBP will face its first resistance level, after a breakout above the intersection between its ascending support level and its descending resistance level, at its intra-day high of 0.7283 reached on May 18th 2015. A breakout above this level will take the EUR/GBP to its intra-day low of 0.7315 which was reached on May 5th 2015. The next resistance level is located at its intra-day high of 0.7478 reached on May 6th 2015 from where a final breakout clears the path to its intra-day high of 0.7483 which was recorded May 7th 2015.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EUR/GBP currency pair:
Annualized Eurozone Consumer Price Index for the month of May:
• Expectations: An annualized increase of 0.2% in the Eurozone CPI is expected for May, an annualized increase of 0.7% in the Eurozone Core CPI
• Previous Report’s Data: An annualized level of 0.0% in the Eurozone CPI was reported in April, an annualized increase of 0.6% in the Eurozone Core CPI
• Impact on the Euro: The expected annualized increase in the Eurozone Consumer Price Index is likely to pressure the Euro to the upside which favors binary call options in the EUR/GBP currency pair

In addition the following economic report out of the United Kingdom is expected to impact the quote currency, the British Pound, of the EUR/GBP currency pair:
Markit/CIPS Construction PMI for the month of May:
• Expectations: A level of 55.0 is expected for the month of May
• Previous Report’s Data: A level of 54.2 was reported in the month of April
• Impact on the British Pound: The anticipated increase in the Markit/CIPS Construction PMI may not suffice to apply upward pressure on the British Pound; this favors binary call options in the EUR/GBP currency pair

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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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