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By: Adam Stone
January 16th, 2015 4:55am GMT, London UKEURGBP

Price action is currently trading inside a new horizontal support level which has formed during yesterday’s erratic trade, but has held up. The EURGBP is expected to take this horizontal support level in order to move back to the upside and test its most recent intra-day high. Binary options traders can benefit 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 0.7670 for a risk/reward ratio of 1.0/2.00.

The EURGBP initially experienced a decrease in volatility during the move to the downside, but as the new horizontal support level formed volatility has increased. This currency pair is likely to witness a further increase in volatility as the new horizontal support level will be tested. Sellers are anticipated to take the current downward momentum and force a breakdown in order to keep the trend intact. Buyers are expected to step in and defend the support level until downward momentum is faded away and the EURGBP can initiate a move to the upside. This favors binary call options in the EURGBP currency pair.

The first resistance level awaits the EURGBP at its intra-day low of 0.7745 which was reached on January 2nd 2015. This level represents a previous low which was set during a move to the downside from where the EURGBP was pressured back to the upside until it ran into its descending resistance level. A breakout above this level will take the EURGBP to its intra-day high of 0.7830 which was recorded on January 13th 2015. The final resistance level is located at its intra-day high of 0.7875 which was reached on January 6th 2015 from where the formation of a double top is possible.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURGBP currency pair:

Final Eurozone Consumer Price Index for the month of December:
• Expectations: A monthly contraction of 0.1% is expected for December, an annualized contraction of 0.2%
• Previous Report’s Data: A monthly contraction of 0.2% was initially reported for December, an annualized increase of 0.3%
• Impact on the Euro: The anticipated annualized contraction in the Eurozone CPI is unlikely to suffice for an increase in downward pressure in the Euro which favors binary call options in the EURGBP currency pair

There are no economic reports out of the United Kingdom which will impact the quote currency, the British Pound, of the EURGBP currency pair:
• Impact on the British Pound: The absence of economic news out of the United Kingdom will shift the focus to the technical scenario in the British Pound; this favors binary call options in the EURGBP 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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