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BitCoin/CNY 6349.755 09:00 24.01
FTSE F-MAR17 7091.500 09:00 24.01
USD/RUB 59.148 09:00 24.01
USD/NOK 8.35090 09:00 24.01
USD/CHF 0.99882 09:00 24.01
OIL-MAR17 (BRENT) 55.585 09:00 24.01
SBERBANK 168.830 09:00 24.01
GAZPROM 149.230 09:00 24.01
NZD/CHF 0.72218 09:00 24.01
CAD/CHF 0.75336 09:00 24.01
NZD/USD 0.72303 09:00 24.01
CAD/JPY 85.407 09:00 24.01
AUD/USD 0.75683 09:00 24.01
AUD/JPY 85.697 09:00 24.01
GBP/USD 1.24934 09:00 24.01
EUR/USD 1.07478 09:00 24.01
TADAWUL 7081.200 09:00 24.01
VTB BANK 0.068665 09:00 24.01
ROSNEFT' 388.950 09:00 24.01
OIL-FEB17(WTI CRUDE) 52.550 09:00 24.01
SILVER 17.145 09:00 24.01
GOLD/EUR 1129.375 09:00 24.01
USD/JPY 113.236 09:00 24.01
EUR/JPY 121.703 09:00 24.01
GOLD VS OIL 21.8394 09:00 24.01
USD/CAD 1.32582 09:00 24.01
S.BANK INDIA 255.775 09:00 24.01
AXIS BANK 448.900 09:00 24.01
TATA STEEL 464.325 09:00 24.01
TATA MOTORS 541.725 09:00 24.01
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Binary options trading was focused primarily on the deal struck with Iran during yesterday’s session and despite a seemingly positive acceptance by Dollar bulls, US stock indices were not amused. Yesterday’s trading session was volatile, to say the least with the USD inching up higher at the opening of trading and through most of the session. The EUR/USD was the obvious focal point for forex and binary traders and the market slowly moved from 1.3540 down to 1.3490 before bouncing higher.

EURUSD with binary options 26-11-2013

Since then, the EUR/USD has managed to regain most of yesterday’s losses as the currency pair trades near 1.3526 at the time of writing. The day ahead looks to be limited to the boundaries of 1.3490 to the lower edge and 1.3540 to the upside. It looks like a day of range trading is upon us. While nothing new for binary or forex trades, the fact that this range is in itself a range entrenched in a wider medium term range is causing issues for many traders. The reason is, many aren’t sure if the right play for such a period is to opt for reversal or for break based strategies.

The right answer though is probably a mixture of both. As the current boundaries aren’t set and might peel off rather easily, binary options traders may want to take advantage of a break if an when it occurs. However, it would be a bit naïve to believe that the market will simply reach and surpass these technical levels without so much as a test. What we expect is that he market will test and possibly retest the 1.3540 level fairly early in today’s session.

The current resistance at 1.3540 is much more significant than the support. The resistance is a long time in the making and marks the top end of a short term triangle formation, a break of which will be considered a continuation pattern. However, this is a resistance not easily broken. 3 times in the last 10 days, the resistance was tested and retested and it wasn’t to be broken. It isn’t to say that it won’t be broken today. It just means that binary options traders need to be very careful and maintain low risk levels while trading reversals. Once a break comes along though, it’s out with the reversals and on to the bigger guns. Get you risk levels higher assuming a break and prepare for a big move.

Please take note though, there’s a fair amount of news expected in the day ahead, primarily in the US session. Look for the Housing Starts data to be released at 13:30 GMT. Markets are expecting a figure of 0.89 million new homes. A bit later at 15:00 GMT, the Consumer Confidence figure is set for release. This is a big stat and will be heavily scrutinized by the markets. So expect some volatility. The market is expecting a figure in or around 71.2 which is a slight drop in comparison to last month’s 72.9.

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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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