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By: Adam Stone
December 11, 2014 6:48am GMT, London UK
Today’s Binary Options Trading Strategy:

• Currency Pair: EURCAD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary put options on rallies above 1.4260
• Downside Potential: The downside potential for this binary put option is 300 pips to 1.3960
• Upside Potential: The upside potential for this binary put option is 140 pips to 1.4400

The EURCAD has taken its ascending support level which was formed amid three higher lows in order to advance back into its horizontal resistance level where a triple top formation, a bearish chart pattern, has formed. The current intra-day high of 1.4325 which was reached today on December 11th 2014 marked a slightly higher high as compared to its previous intra-day high of 1.4268 which was reached on November 28th 2014. The ascending support level originates from its intra-day low of 1.3879 which was reached on November 24th 2014.


Price action is now trading inside its horizontal resistance area where a potential triple top formation is developing. The EURCAD is expected to amass enough downward momentum for a successful breakdown and an accelerated move to the downside. Binary options traders can profit from the anticipated breakdown with binary put options. Today’s binary options trading strategy suggests put options to be placed on rallies above 1.4260 for a risk/reward ratio of 1.0/2.14.

Volatility has decreased during the advance and creation of its triple top formation, but an increase in volatility should be expected as buyers and sellers will face off at an important resistance area. Given the current uptrend, after touching its ascending support level, buyers are likely to attempt a breakout in order to extend its move to the upside. Sellers are expected to take the horizontal resistance area and formation of a triple top in order to force a breakdown and accelerate to the downside. This favors binary put options in the EURCAD currency pair.

The first support level for the EURCAD is located at its intra-day low of 1.4138 which was reached on December 9th 2014. This level has previously halted a move to the downside and pushed the EURCAD into its current intra-day high. A breakdown below this level will take the EURCAD to its intra-day low of 1.4007 which was reached on December 8th 2014. On its way lower this currency pair will have to breakdown below its ascending support level. The EURCAD will face its final support level at its intra-day low 1.3956 which was reached on December 4th 2014.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURCAD currency pair:
European Central Bank Monthly Report:

• Expectations: The final monthly report by the European Central Bank for 2014 is highly anticipated as uncertainty about a potential economic stimulus package has increased; the Eurozone economy continues to struggle and fears of a recession are also on the rise
• Impact on the Euro: The European Central Bank is unlikely to reveal any more information about future monetary policy action which is expected to disappoint and pressure the Euro to the downside; this favors binary put options in the EURCAD currency pair

In addition the following economic report out of Canada is expected to impact the quote currency, the Canadian Dollar, of the EURCAD currency pair:

Capacity Utilization Rate for the third-quarter of 2014:

• Expectations: A level of 83.0% is expected for the third-quarter of 2014
• Previous Report’s Data: A level of 82.7% was reported for the second-quarter of 2014
• Impact on the Canadian Dollar: The expected increase in the capacity utilization rate out of Canada, which heavily depends on its commodity exports, is likely to apply upward pressure on the Canadian Dollar which favors binary put options in the EURCAD 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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