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EURUSD BINARY CALL OPTION – OCTOBER 24TH 2014

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By: Adam Stone
October 24th 2014 6:00am 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 1.2650
• Upside Potential: The upside potential for this binary call option is 175 pips to 1.2825
• Downside Potential: The downside potential for this binary call option is 55 pips to 1.2595

The EURUSD failed to extend its move higher and was unable to break-out of its current horizontal resistance level. Prior to its reversal this currency pair did reach an intra-day high of 1.2887 on October 15th 2014. The move lower took the EURUSD back into its horizontal support level where this currency pair reached an intra-day low of 1.2614 yesterday on October 23rd 2014. This marked a higher low than its previous intra-day low of 1.2499 which the EURUSD reached on October 6th 2014.

Price action bounced slightly higher after the higher low was formed which allowed an ascending support level to be drawn. The EURUSD is expected to use this ascending support level and move higher once again. Binary options traders can profit from the expected move higher with binary call options. Today’s binary options trading strategy suggests call options to be placed on dips below 1.2650 for a risk/reward ratio of 1.0/3.18.

EURUSD with binary options 2014-10-24

The current horizontal support level represents a crucial battleground for buyers and sellers. The existing downward momentum is likely to be taken by sellers for an attempted breakdown below its ascending support level in order to challenge its intra-day low of 1.2499. The ascending support level has merged with its horizontal support level and created a stable platform which buyers are expected to use in order to reverse the current move lower until the EURUSD will approach its most recent intra-day high of 1.2887 which was reached on October 15th 2014.

The expected move higher will face its first resistance level at the intra-day high of 1.2715 which the EURUSD reached on September 29th 2014. This level has previously reversed a move higher. A breakout above this level is expected to take this currency pair to its next intra-day high of 1.2791 which it reached on October 9th 2014 and has also halted and reversed a previous move higher. The final resistance level for the EURUSD is located at its intra-day high of 1.2887 which it reached on October 15th 2014.

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

German GfK Consumer Confidence Survey for the month of November:

• Expectations: GfK Consumer Confidence Survey is expected at 8.0 in November
• Previous Report’s Data: GfK Consumer Confidence Survey was reported at 8.3 in October
• Impact on the Euro: The stable reading on consumer confidence out of Germany, the biggest economy in the Eurozone, is expected to lift the Euro from depressed levels; 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:

New Home Sales for the month of September:
• Expectations: A monthly contraction of 6.8% is expected in September
• Previous Report’s Data: A monthly increase of 18.0% was reported in August
• Impact on the US Dollar: The expected drop in new home sales out of the United States is likely to apply downward 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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