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By: Adam Stone
January 9th, 2015 5:45am GMT, London UKEURAUD

Price action is now trading inside its new horizontal support level and is expected to test the upper and lower boundaries of it over the next few trading sessions. The EURAUD is expected to engage into a move to the upside in order to challenge its nearest resistance level. Binary options traders can profit from the anticipated move to the upside with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.4400 for a risk/reward ratio of 1.0/4.00.

Volatility has contracted alongside the move to the downside, but is expected to increase as buyers and sellers will face each other during the validation of the new horizontal support level. Sellers are anticipated to attempt a breakdown below its most recent intra-day low in order to extend the current move to the downside. Buyers are favored to use the decrease in downward momentum inside its untested horizontal support level as a platform to force a price action reversal.

The EURAUD will face its first resistance level at its intra-day low of 1.4607 which was reached on January 6th 2015. This level has previously managed to briefly pause the move to the downside. A breakout above this level will take the EURAUD to its intra-day high of 1.4862 which was reached on January 5th 2015. This level pushed the EURAUD to its current intra-day low. The final resistance level is located at its intra-day high of 1.5122 which was reached on December 23rd 2014 from where a continuation of the expected move higher is not expected to take place.

There is no economic data out of the Eurozone which is expected to impact the base currency, the Euro, of the EURAUD currency pair:

• Impact on the Euro: The absence of economic data out of the Eurozone allows the bas currency of this currency pair to be solely impacted by technical factors which point towards a price action reversal from extreme overextended levels inside a newly formed horizontal support level from where a move higher is expected; this favors binary call options in the EURAUD currency pair

In addition the following economic report out of Australia already impacted the quote currency, the Australian Dollar, of the EURAUD currency pair:

Home Loans for the month of November:

• Expectations: An increase of 1.7% was expected for the month of November
• Previous Report’s Data: An increase of 0.2% was reported in the month of October
• Released Data: An contraction of 0.7% was reported in the month of November
• Impact on the Australian Dollar: The reported slowdown in home loans out of Australia has pressured the Australian Dollar to the downside which favors binary call options in the EURAUD 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.
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