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By: Adam Stone
March 28th 2014 6:30am GMT, London UK

Binary options trading today focuses on the EUR/USD which has been hit on all sides due to speculation intensifying that the European Central Bank might ease policy further taking the interest rate lower and thus decreasing the value of the EUR across most majors. The EUR/USD is currently trading near 1.3743 with the downtrend currently in play. The move lower has been steady and most traders have been able to take advantage of the one sided affair. With support looking rather solid right under current levels though, many are beginning to doubt that the pressure is strong enough to keep pushing through.

The support is currently located at 1.3730 and binary options trading will likely focus on this local support as a break will mark a nearing to month lows. The EUR/USD has been very steady over the last months and with the push higher we saw for most of 2014, this new move lower is coming as a divergent reaction to most long term analysis which places the EUR/USD somewhere in the region of 1.45 by the end of the year. So some are labeling this move as simply a retracement or a correction. But with no verification of this move, it’s still hard and possibly even useless to label it as anything more than the current minor trend. As such, binary options traders can and should keep plugging away at the support level with reversal strategies.

The ability of the currency pair to make a number of tests at the support should be expected at a high degree of certainty. The question though is whether the pair will break below and allow break based strategies into the mix. We are quite skeptical given the current pattern formation as they appear on the 5, 15, and 30 minute charts. However, looking at the 1 hour, 8 hour, and daily charts, this test looks very probable. The divergent analysis between the short and long terms though is nothing new and what we need to see is a high level of momentum into the directional bias (down) in the coming hours so as to base the down trend with reversal strategies. Just remember, too much momentum and the break becomes more probably. In this case, we would highly recommend keeping trades to a smaller size and widening the range of opting for the Up options on the tests or psuedo tests seen on the short term charts.

For more advanced traders, coupling the reversal strategies across the EUR/USD, GBP/USD, and USD/JPY can create a triangulating hedge but requires a high degree of skill as speed is the key.

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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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