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EURGBP – SEPTEMBER 1ST 2014

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By: Adam Stone
September 1st 2014 6:15am GMT, London UK
 
Today’s Binary Options Trading Strategy:

• Currency Pair: EURGBP
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 0.7915
• Upside Potential: The upside potential for this binary call option is 120 pips to 0.8035
• Downside Potential: The downside potential for this binary call option is 40 pips to 0.7875

EURGBP

The EURGBP as pushed lower of over the past twelve trading days, but could be forming a double bottom formation which is a bullish chart pattern. The EURGBP started its pullback after reaching an intra-day high of 0.8036 on August 14th 2014. The pullback may be challenged after reaching an intra-day low of 0.7905 today on September 1st 2014. This is slightly below the previous intra-day low of 0.7916 reached on August 6th 2014.
Price action has formed a double bottom formation which is a bullish chart pattern and could force a trend reversal in this currency pair from depressed levels. Binary options traders can take advantage from the expected trend reversal with binary call options. Today’s binary options trading strategy suggests call options to be placed below 0.7915 for a risk/reward ratio of 1.0/3.00.

The EURGBP may experience an increase in volatility over the next few trading sessions as the strength of its bullish chart pattern will be put to the test. A minor sideways trend may emerge before the EURGBP could spike higher. The double bottom formation is expected to provide a solid platform for an advance in this currency pair which favors binary call options in the EURGBP and an increase in volume may accompany the expected rally.

The expected reversal rally which is expected to develop from its bullish chart formation will face its first resistance level at 0.7965 which is an intra-day high reached on August 5th 2014 and marks a strong horizontal resistance level. A breakout above this level will take the EURGBP 0.7997 level which is an intra-day high reached on August 8th 2014 and halted a previous rally. Once the EURGBP clears this level it should be able to rally to its intra-day high of 0.8036 from where the current correction started.

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

German Gross Domestic Product for the Second-Quarter:

• Expectations: An increase of 1.2% for the second-quarter annualized
• Previous Report’s Data: An increase of 1.2% annualized was reported
• Impact on the Euro: A strong German GDP report is expected to power the Euro higher which favors binary put 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 PMI Manufacturing Index for the month of August:

• Expectations: PMI Manufacturing Index at 55.1
• Previous Month’s Data: PMI Manufacturing Index at 55.4
• Impact on the British Pound: The decrease in the PMI Manufacturing Index in comparison to July is expected to 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.
Adam Stone
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