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By: Adam Stone
January 7th 2014 7:30am GMT, London UK
Binary options traders start the day with knowledge that the new Federal Reserve Chairman is Mrs. Yellen. Although it wasn’t a unanimous decision to appoint her, what in the US is bipartisan these days? She only begins her journey on the 31st of the month and until then Ben Bernanke will carry on his job of passing the torch to his worthy successor. Markets, long aware of the appointment didn’t react to the news of her being officially voted in by the Senate. But we are in the middle of an unwinding of the current Ben Bernanke led stimulus plan instituted back in September of 2012. The tapering of the Fed’s bond-buyback program from 85 billion per month to steadily lower figures was a key cause of the US stock market’s inability to carry on higher in recent days.

In fact, the USD too has lost some of its recent swagger. After making a sharp move higher in the last 10 days, the USD has been steadily weakening over the last 24 hours. It is now trading near 1.3621 against the EUR/USD and looks to carry on in the same direction today. Admittedly, the forex pair wasn’t much lower at the close of Friday’s trading session but the pattern of quick moves for the forex pair should strike some fear in the hearts of traders. The move in the last session was upwards for the EUR/USD and despite a tapering of the trend in the last 8 hours, binary options traders should be looking to the upside for further breaks. The Long term trend is still an UP trend while the medium term (1-3 months) is also an UP trend. However, with the last 3-5 sessions mostly marred by dropping prices, the recent move higher hasn’t broken the short term DOWN trend.

Resistance is still at 1.3705 and binary options will be unlikely to see even a remote test of the level today. Sure, things can get volatile in a hurry, but there just doesn’t seem to be the impetus necessary for a further 70-80 pips and then follow through today.

1.3575 is the current support level. While a bit tricky at present to tell if this support will be tested at all, we do advise to keep focused on the rate as if it’s tested, binary options traders will do well to start with reversal strategies and hope for a break. According to the charts, momentum is still pointing downward on a daily level and as such, the move lower can be expected despite the reversal of fortunes in the last 24 hours.

Just keep focused on the charts today and don’t get bogged down on minor noise in the markets.

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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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