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Binary options traders can expect an interesting day ahead of them as many factors collide together into a mix of data, price action, and news that can only mean serious action today. But there aren’t any particularly exciting events to look forward to but rather a mix of many that we expect to create the atmosphere ripe for trading signals. For example, forex focused binary options traders will surely be watching the moves of the EUR/USD to see how the concern for Federal Reserve tapering and economic indicators come together to push the market up or even possibly back down; but more on that below.

Today at 13:30, the US session will illuminate with some data from the US economy. Namely, things get started with the PPI which could shed some light on the US’s manufacturing sector. Markets are expecting a release near 0.00% which is actually an upgrade over last month’s -0.2% and could mean some upward pressure on the USD.

This is an important event because the current directional bias for the EUR/USD is clearly upwards and there seems to be no end in sight. The forex pair is currently trading near 1.3761 after already providing what looks like a false break above 1.38 and reaching 1.3810 only to retreat back to current levels. For binary options traders this certainly raises the specter of further false breaks and for most, this will mean a shift to either daily level breaks and longer terms trades.

For others though, the volatility created by such false breaks could lead to some interesting moves for the currency pair but leaves supports and resistances a bit out of reach. The current resistance level for the pair is at 1.3793 and thereafter at 1.3810. We expect a few tests of at least the lower boundary of these 2 resistances. Obviously a break of either will lead binary options traders to open Up options but as we explained the risk levels are a bit higher and we would opt for the higher boundary as both a pivot for reversal strategies as well as break strategies.

EURUSD with binary options 12-13-2013
1.3705 is the support. A reversal strategy that is based on this point may do better that the directional bias favoring uptrend strategies. The fact is, reversal strategies do better when countering the trend and when coupled with a large break trade, you can find yourself in a week’s worth of profit from just a few hours of work.

After all, that’s what we are all after. In this case, it’s the holy grail situation of trading whereby we seek and find clear signals that are coupled with lower risk scenarios. That’s what we have here; a good opportunity to take advantage of the market conditions to make profits with binary options.

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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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