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By: Adam Stone
January 22nd, 2015 5:10am GMT, London UKGBPJPY

Price action is expected to trade sideways inside its horizontal support level where downward momentum is likely to deflate. The EURUSD is expected to breakout and advance until it reaches its next horizontal resistance level. 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 1.1620 for a risk/reward ratio of 1.0/2.73.

The EURUSD experienced a decrease in volatility during its corrective phase, but has started to increase as this currency pair bounced off of its most recent intra-day low. A further increase in volatility is anticipated as sellers are expected to step in and prevent a further move to the upside in order to keep the downtrend intact. Buyers are favored to take the current drift higher and breakout above its descending resistance level from where an accelerated move higher can develop.

The first resistance level, after a successful breakout above its descending resistance level, awaits the EURUSD at its intra-day low of 1.1727 which was reached on January 14th 2015. A breakout above this level will take the EURUSD to its intra-day high of 1.1976 which was reached on January 5th 2015. This level represents the highest mark from a gap to the downside. The final resistance level is located at its intra-day high of 1.2226 which was recorded on December 26th 2014 from where a double top formation is likely to challenge a continuation of the advance.

The following economic data out of the Eurozone is expected to impact the base currency, the Euro, of the EURUSD currency pair:
European Central Bank Rate Announcement:

• Expectations: Interest rate at 0.05%, deposit facility rate at 0.30% and marginal lending facility rate at -0.20%
• Previous Meeting’s Announcement: Interest rate at 0.05%, deposit facility rate at 0.30% and marginal lending facility rate at -0.20%
• Impact on the Euro: While no change is expected when it comes to the three main rates, the announcement of a bond buying program much smaller than initially expected is likely to be in focus and impact the Euro positively; this 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:

Initial & Continuing Jobless Claims for the week of January 17th 2015 and January 10th 2015:
• Expectations: Initial jobless claims at 300,000 for the week of January 17th, continuing claims at 2,400,000 for the week of January 10th
• Previous Report’s Data: Initial jobless claims at 316,000, continuing claims at 2,424,000
• Impact on the US Dollar: The anticipated decrease in both initial as well as continuing jobless claims is unlikely to suffice to apply upward pressure on the US Dollar which 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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