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By: Adam Stone
October 3rd 2014 5:35am GMT, London UK

EURGBP Binary Call Option – October 3rd 2014

Today’s Binary Options Trading Strategy:

• Currency Pair: EURGBP
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 0.7850
• Upside Potential: The upside potential for this binary call option is 200 pips to 0.8050
• Downside Potential: The downside potential for this binary call option is 90 pips to 0.7760

The EURGBP has broken its recent downward momentum and slightly reversed it with an important breakout above its descending resistance line which took this currency pair inside a very strong horizontal support level. The correction in the EURGBP unfolded after this currency pair reached an intra-day high of 0.8066 on September 10th 2014. The move lower took the EURGBP to an intra-day low of 0.7766 on September 30th 2014 from where the snap back into support emerged.

Price action is now trading inside its horizontal support level as the bounce off of its most recent intra-day low caused a break-in into this support level with a breakout anticipated which will take the EURGBP back into its next resistance level. Binary options traders can profit from the expected breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 0.7850 for a risk/reward ratio of 1.0/2.22.

Binary Options trading EURGBP 2014-3-10

The EURGBP may move slightly lower and test its ascending support line which formed after a series of higher lows was formed during the drift higher. Volatility is expected to increase should price action near its ascending support line which is now approaching the horizontal support level for an enforced support level from where the EURGBP is expected to initiate its advance. The move should be able to take this currency pair back into its horizontal support level.

The first resistance level awaits the EURGBP at the 0.7915 level which is an intra-day high reached on September 18th 2014 and a level where this currency pair experience an increase in selling pressure down to the intra-day low from September 30th 2014. The next resistance level is located at the intra-day high of 0.8009 reached on September 16th 2014 which previously accelerated the move lower. The final resistance level awaits the EURGBP at the 0.8066 level which is the intra-day high reached on September 10th 2014 from where the current sell-off emerged.

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

Eurozone Retail Sales for the month of August:
• Expectations: A monthly increase of 0.1%, an annualized increase of 0.7%
• Previous Report’s Data: A monthly contraction of 0.4% was reported in July, an annualized increase of 0.8%
• Impact on the Euro: The expected increase in monthly retail sales out of the Eurozone is expected to rally the Euro; this favors binary call options in the EURGBP 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 EURGBP currency pair:

Markit/CIPS Services PMI for the month of September:

• Expectations: A reading of 59.0 is expected for the month of September
• Previous Report’s Data: A reading of 60.5 was reported for the month of August
• Impact on the British Pound: The decrease in the CIPS Services PMI out of the UK could pressure the British Pound lower which 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.
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