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By: Adam Stone
January 14th, 2015 7:55am GMT, London UKEURUSD

Price action is now trading inside its horizontal support level where downward momentum is fading away. The EURUSD is expected to trade inside this support level until enough upward momentum for a breakout is accumulated. Binary options traders can take advantage from the anticipated breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.1800 for a risk/reward ratio of 1.0/4.00.

The EURUSD experienced a sharp drop in volatility which accompanied its move to the downside. This currency pair was guided lower by its descending resistance level until the EURUSD was able to form a new horizontal support level from where the formation of a double bottom emerged. Volatility is set to increase sharply as sellers are expected to force a breakdown below its bullish chart pattern in order to extend its current move to the downside. Buyers are favored to take the double bottom formation and force a breakout above its descending resistance level from where an accelerated move to the upside is anticipated.

The first resistance level, after a successful breakout above its descending resistance level, awaits the EURUSD at its intra-day high of 1.1976 which was reached on January 5th 2015. This level marked the high from a gap lower which accelerated this currency pair to the downside. A breakout above this level will take the EURUSD to its intra-day low 1.2124 which was reached on December 30th 2014 from where this currency pair can advance to its intra-day high of 1.2302 recorded on December 19th 2014. The final resistance level is located at its intra-day high of 1.2570 which was reached on December 16th 2014.

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

Eurozone Industrial Production for the month of November:

• Expectations: A monthly reading of 0.0% is expected for the month of November, an annualized contraction of 0.7%
• Previous Report’s Data: A monthly increase of 0.1% was reported in the month of October, an annualized increase of 0.7%
• Impact on the Euro: The expected annualized contraction in the Eurozone industrial production is likely to be overshadowed by economic data out of the US 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:

Advanced Retail Sales for the month of December:

• Expectations: A contraction of 0.1% is expected for the month of December
• Previous Report’s Data: An increase of 0.7% was reported in the month of November
• Impact on the US Dollar: The anticipated contraction in advanced retail sales out of the US is expected to apply downward pressure on the US Dollar; 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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