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EURUSD – SEPTEMBER 17TH 2014

GBP/USD 1.24430 17:20 22.02
EUR/USD 1.05615 17:20 22.02
OIL-APR17 (BRENT) 55.815 17:15 22.02
ALIBABA 104.870 17:15 22.02
AUD/USD 0.76832 17:15 22.02
AUD/JPY 87.185 17:15 22.02
SILVER 17.963 17:15 22.02
GOLD/EUR 1167.045 17:15 22.02
OIL-MAR17(WTI CRUDE) 53.980 17:15 22.02
GOLD 1232.476 17:15 22.02
EUR/JPY 119.846 17:15 22.02
USD/JPY 113.478 17:15 22.02
GBP/USD 1.24423 17:10 22.02
EUR/USD 1.05583 17:10 22.02
BitCoin/CNY 7487.500 17:00 22.02
USD/MXN 19.919 17:00 22.02
WELLS FARGO 58.325 17:00 22.02
USD/CHF 1.01100 17:00 22.02
OIL-APR17 (BRENT) 55.725 17:00 22.02
TOYOTA (US) 114.275 17:00 22.02
SONY 31.285 17:00 22.02
COLGATE-PALMOLIVE 73.035 17:00 22.02
FIAT CHRYSLER 11.35 17:00 22.02
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By: Adam Stone
September 17th 2014 5:47am GMT, London UK
 

Today’s Binary Options Trading Strategy:

• Currency Pair: EURUSD
• Timeframe: H4 (Hourly Chart)
• Binary Option Trading Recommendation: Seek binary call options on dips below 1.2950
• Upside Potential: The upside potential for this binary call option is 200 pips to 1.3150
• Downside Potential: The downside potential for this binary call option is 100 pips to 1.2850

The EURUSD was plunged into a correction as the European Central Bank surprised markets two times with interest rate cuts which lead to a negative deposit rate for the first time in global history by a major central bank. The most recent correction in the EURUSD currency pair can trace its start to an intra-day high of 1.3297 which it reached on August 22nd 2014. An intra-day low of 1.2860 was recorded on September 9th 2014 from where the EURUSD started to carve out a solid support level.

Binary options strategies for EURUSD 9-17-2014

Price action is currently advancing and has set a series of higher lows and higher highs which created a bullish price channel; the EURUSD is expected to drift higher inside this bullish chart pattern. Binary options traders can profit from the expected upward move with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.2950 for a risk/reward ratio of 1.0/2.00.
The EURUSD is expected to drift higher inside its bullish price channel until price action will attempt a breakout above its ascending resistance line. Prior to the move upward a tests of the ascending support line should not be ruled out, but a sustainable breakdown is not expected. Volatility is expected to increase as the EURUSD will approach the outer limits of its bullish price channel; a breakdown below support should be taken as a better entry opportunity into binary call options.

The EURUSD will face its first resistance level after a successful breakout above its bullish price channel at the 1.3110 level which is an intra-day low reached on September 2nd 2014. The sharp one day drop after the latest interest rate cut by the ECB explains the large gap between support and resistance levels. A successful breakout above the 1.3110 level will take the EURUSD to the 1.3160 level which is an intra-day high reached on September 3rd 2014 prior to the drop from where a double top formation could emerge.

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

Eurozone Consumer Price Index for the month of August:

• Expectations: An annualized CPI reading of 0.3%, an annualized core CPI reading of 0.9%
• Previous Report’s Data: An annualized CPI reading of 0.3%, an annualized core CPI reading of 0.9%
• Impact on the Euro: The receding threat of deflation which is expected to be confirmed in today’s CPI report may push the Euro higher which favors binary call options in the EURUSD currency pair

In addition the following economic report out of the United States is expected to impact the quote currency, the US Dollar, of the EURUSD currency pair:

Federal Open Market Committee Announcement:

• Expectations: Interest rates at 0.25%, reduction of monetary stimulus by $10 billion to $15 billion per month
• Previous Announcement’s Decision: Interest rates at 0.25%, reduction of monetary stimulus by $10 billion to $25 billion per month
• Impact on the US Dollar: The FOMC is not expected to surprise traders which may leave the US Dollar vulnerable to an increase in selling pressure; this favors binary call options in the EURUSD 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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