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MMEH ?! IS THAT A REACTION?

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By: Adam Stone
June 23rd 2014 7:26am GMT, London UK
 

Binary options traders are preparing for a new day of trading with much to consider before pulling the trigger for the first time today. For starters, the optimism prevalent in the markets should persist at least in so far as the American equity markets are concerned. It looks as though the geopolitical strife we feared would rock the markets last week is now being kept at bay and in some cases simply outright ignored. Take for example the way binary options traders viewed the rise in the price of oil due to the unrest in Iraq mmeh. Exactly, this was the reaction. Despite an increase of over 6% in the price of oil over a period of just a few days, the binary options market didn’t move an inch in overall volume and this could indicate precisely the ambivalence in the markets these days.

On Friday, the American stock markets closed higher with the S&P climbing 0.17% to yet another record level at 1962. As we recommended last Friday, binary options traders were supposed to take up options on the break of 1960 which we observed to be the lowest risk trade of the day. No surprise then that the market did as expected and closed above the resistance and provided enough follow-through to provide binary options traders an ample opportunity in this case.

Binary options traders need to realize that the aloofness in the market is a reaction in and of itself. The lack of impetus isn’t affecting the market’s movements across the board but rather in a pin point method. For example, defense and tech stocks while the USD has taken the brunt of the hit.

Specifically, the USD, which sees probably the most amount of action on such days, looks to continue its weakness today as well. The market is already pushing downward for the USD and there’s no end in sight. With the lack of desire to feel the confrontations in the traditional markets, trades are certainly pushing the USD as a direct mechanism of defense and hedging risk by taking down the USD. It’s not that the EUR is a much better option on the world stage. It’s just really there and enough of a reason to take higher as the USD feels the pain. The forex pair is now trading near 1.3610 with a resistance of 1.3648. A break above this level, while quite unlikely in the coming 6-18 hours, is till part of our projections and as such will allow a low risk Up option today.

EURUSD with binary options 23-6-2014

Of course, because we don’t expect this move higher in the coming hours, the support level at 1.3591 is back in play. It’s been an intraday favorite over the last week and a break to the downside again today, while not in line with our overall projection of the market trend is still entirely possible and can be taken advantage of. The risk is certainly a bit higher but a down option with a smaller trade should work to the favor of the binary options trader to take this trade today.

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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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