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By: Adam Stone
January 17th 2014 6:55am GMT, London UK

Binary options wake to a new day but possibly fewer options to trade today. Seems impossible but today is a laser focused sort of day. With the US probably ready to escape into a holiday extended 3 day weekend, liquidity might be already dropping off. Add to this some miserable corporate earnings reports and you get a situation that will likely push traders into the forex markets that never care who’s awake, who’s asleep, or who’s on holiday. The forex market though might seem a bit distracted as they seem to be collectively stuck in a rut for many days.

The EUR/USD for example can’t seem to shake out of the current range between 1.3555 and 1.3710. In fact, in unlikely fashion, the forex pair has yet to test either of these boundaries since the 2nd of the month and that was the day the break initiated from the double top seen at the end of December. So look ing towards the day ahead, binary options traders may want to hope for a test of either boundary, but hope alone will never bring about a good trade. However, cynicism aside, keep these two levels in focus for the day while looking at those levels within the range that might come into play. While the 150 pips of this range are very tight, the market, with no impetus to create breaks, is likely to look closer in.

Looking within the range, the current resistance is with no doubt located at 1.3622. The resistance level hasn’t been tested in more than 24 hours and hasn’t broken in over 2 days. However, the interesting aspect of the pair’s structure on the charts is such that the market actually doesn’t seem to be very wiling to retest this level. It may bring about a test of the lower boundary at 1.3597 as the tighter support was broken already earlier today at 1.3611, albeit very momentarily. Things look to get jumpy for the forex pair so be prepared to pounce on either direction with a slight bias towards the lower side of things. The USD has barely moved against other currencies although for some, the moves against the JPY might be even more interesting.

With a much more obvious trend (higher) for the USD/JPY, many binary options traders have been focusing more appropriately on this forex pair. The pair is currently trading near 104.34 and the resistance is now located at 104.71. With the uptrend’s recent correction though, most binary options traders may prefer focusing on the downside with this asset as well. If in fact the current corrective move lower extends further today, then keep focused on the support level at 103.26 However, this is a bit far off which will likely allow traders to focus on the resistance for now.

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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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