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By: Adam Stone
May 7th 2014 5:10am GMT, London UK
Markets start up this fine Wednesday in dire straits primarily due to worry about the conflict in the Ukraine. The build up of the death count is only adding to the general worry in the markets and the US equity market is no exception. With mounting concern that this conflict is only going to escalate, the US markets tumbled hard yesterday with the S&P falling to 1867 after a drop of 0.9%. The DOW lost 0.78% to 16401 and the NASDAQ fell 1.38% to 4080. The general trend for equity indices is certainly to the downside and even though they were hovering for quite a while, binary options traders have likely recognized that the ability to make trend based trades on the indices has diminished significantly.

For the day ahead, news is likely going to be light so technical analysis based trade with 1.3915 as the support level for the EUR/USD and 1.3935 as the local resistance. Problem is the 1.3915 is just about there already and most people, by the time they read this, might have missed the boat on the trade opportunities. Binary options traders need to keep focused on the 2 current possible scenarios the one being a complete break of the support level and the other a reversal strategy based recovery of the asset back higher.

If of course the market break lower towards the 1.3903 level, the next support, then binary traders are sure to take down options with momentum looking solid at the moment for such a scenario to reap profits. If the 1.3903 is later tested, after this break, it too may fall victim to a rising interest in the USD this morning. The momentum is quite high despite 48 hours heading higher and this corrective move looks to have little influence over the bigger picture, which until the last few hours was certainly the up side.

Reversal strategies are thus unlikely to take form unless the market bounces off of the current support level (or 1.3903 later in the day after a break). We are still more keen on a move lower and prefer a break due to the momentum indicators providing ample verification for follow through which is necessary to secure profits with a minimum of 10 minute expiries. Shorter term traders could try to take advantage of bounces in the currency if and when tests occur but as mentioned above, we prefer the break strategies at present.

As the day wears on, a few more tests (or breaks) will allow a clearer picture so for now stick to the local down trend with short and small trades on each break.

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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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