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By: Adam Stone
August 4th 2014 6:16am GMT, London UK

As the binary options trading week starts amid much gloom and doom, there are certainly some bright spots. For starters, sure the drop in US stocks and other USD based assets is a serious concern but there are plenty of binary options trading strategies to base your trading on in the coming week. We will focus today on the forex pairs seeing as how the best course of action with stock indices, specifically in the US, are simply untouchable today. It’s very important to note though that the primary driver of the markets over the last 10 days has in fact been concrete economic news, which is a break from the general trend of the preceding 3 weeks.

When looking at the news, the NFP, released this past Friday, is certainly the most important of all the news items that were released of late and came along with the unemployment rate of the US. Both indicators were rather miserable and caused the US stock markets to drop significantly again and as such, the S&P closed the session down 0.29% to 1925, a far cry from the striking range it was in last week at 1985. The fact that the index didn’t break above 2000 is critical to binary options trading strategies based on technical analysis as this would be deemed a failed top and as such, signals a reversal already in play. With the NFP report showing only 209 thousand new jobs created in the US economy as compared with the expectation for more than 233 thousand and the previous 298 thousand, investors are right to worry about the US economy’s ability to create employment without the Fed’s influx of cash injections. The unemployment suddenly popped up higher as well, up to 6.2% from 6.1% and the expectation for now change.

These and other news items were the cause of the drop and looking at the trading day ahead, will weigh heavy on the minds of even the most bullish of the traders out there. The EUR/USD is currently trading a bit lower than Friday’s close at 1.3423 and looking to possibly weaken a bit before rousing enough buying interest again. Despite the negativity in the US, the dollar is holding up rather well. We don’t expect this to last long though and binary options trading strategies should certainly focus on the upside for the EUR/USD. Looking for reversals or simple down options today cause be a cause of serious losses and we recommend seeking breaks to the upside. The current break potential of most interest is above the resistance at 1.3431 but most traders might miss out, as this is a very close level of interest. Further along the upside is the resistance at the 1.3453 Fibonacci level. The resistance is of interest as it has acted as a pivot in numerous days over the past 6 months and binary options trading strategies that don’t take this into account will miss out on a great level of potential for the trading day ahead. Binary options traders need to keep a close eye on such levels in order to maximize profit potential with literally any binary options trading strategy.

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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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