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By: Adam Stone
January 7th, 2015 7:11am GMT, London UKEURUSD

Price action is currently trading inside this newly formed horizontal support level from where selling pressure is being deflated. The EURUSD is likely to trade sideways until enough momentum is present for a breakout and move to the upside. Binary options traders can take advantage from the expected breakout with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.1880 for a risk/reward ratio of 1.0/2.46.

Volatility has decreased during the move to the downside, but is expected to increase as the EURUSD is likely to test the boundaries of its newly formed horizontal support level. Sellers may attempt a breakdown before downward momentum has completely been deflated. The longer this currency pair trades sideways the less likely a breakdown becomes. Buyers are expected to force a breakout with the increase in upward momentum from the bounce off of its most recent intra-day low. This favors binary call options in the EURUSD currency pair.

The first resistance level awaits the EURUSD at its intra-day low of 1.2004 which was recorded on January 2nd 2015. The EURUSD gaped lower on the following trading day from this level. A breakout above this level will take the EURUSD to its intra-day high of 1.2221 which was reached on December 29th 2014 from where the move to the downside was accelerated. A breakout will take the EURUSD to its intra-day low of 1.2322 which as recorded on December 17th 2014. The final resistance level is located at its intra-day high of 1.2570 which was reached on December 16th 2014 from where a double top formation may form.

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

Annualized Eurozone Consumer Price Index for the month of December:

• Expectations: Annualized CPI at -0.1% in December, annualized core CPI at 0.7%
• Previous Report’s Data: Annualized CPI at 0.3% in November, annualized core CPI at 0.7%
• Impact on the Euro: The stable reading out of annualized core consumer inflation may suffice to stabilize the Euro and apply upward pressure 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:

ADP Employment Report for the month of December:

• Expectations: A level of 225,000 is expected for the month of December
• Previous Report’s Data: A level of 208,000 was reported in the month of November
• Impact on the US Dollar: The anticipated increase may fall short of consensus and therefore pressure the US Dollar to the downside; 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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