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By: Adam Stone
January 13th 2014 6:20am GMT, London UK
 
The US economy created its lowest number of new jobs in the last 3 years this past December as revealed by the latest release of the Non Farm Payrolls report (NFP). This past Friday markets simply shrugged off one of the single worst economic results in recent memory when the NFP report showed a massive slowdown in job creation by the US economy, a fact that could come back to haunt the Federal Reserve after it was decided to taper the amount of money being poured into the economy using stimulus.

The US stock market didn’t seem to place very much in the way of weight on the release or the result itself. Such poor results would ordinarily come with a massive drop in stock prices, especially those of the retail sector, which seems to have had a rather dismal holiday season owing to very dramatic price reductions which although brought in droves of customers, created very little in the way of revenues. The overall feeling in the market is obviously one of overwhelming optimism and this is evident by reactions of the S&P index. The S&P itself had a very choppy trading session and finished the day up 0.23% to 1842. The Dow finished the day lower but the Nasdaq had a strong day so overall, things were mixed but rather positive. After all, the Dow only lost 0.5% on the day.

Despite the lack of reaction in equities, forex markets weren’t near as kind. The USD suffered a typical fate of a currency under the pressure of miserable news. The EUR/USD forex pair headed higher immediately following the release and shot up higher from 1.35696 to a high of 1.3689 and was hovering in that price range for the remainder of the day. The markets have opened today in basically the same place and the EUR/USD is now trading near 1.3678.

EURUSD with binary options 13-1-2013
1.3550 is the current support level. It also marks the 100% Fibonacci from the previous trough that was created last month. The fact is, the support level is unlikely to be tested to be perfectly clear. The current trend is higher and the likelihood of a move to the downside is not supported by any indicators on the charts at present. As such, binary options traders will do well to look higher and the resistance at 1.3705 is the one to watch for. This is the resistance turned support from last week and is looking very vulnerable at present. Look for up options on any break of this resistance today.

Binary options traders will look to the news today but will find a dearth of information and most investors in the markets will focus on the news from Friday.

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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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