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By: Adam Stone
April 7th, 2014 7:20am GMT, London UK
Binary options trading starts a new week in the wake of poor employment reports from the US economy this past Friday. The NFP report, released this past Friday, was a fairly decent release. However, the results were slightly lower than expected as the market expected a result of 200k new jobs created in the US. Unfortunately, the jobs market in the US only headed higher by 192k. This may not seem like a large difference, but the repercussions are such that the unemployment rate didn’t drop as well down to 6.6% from the current 6.7%. Binary options traders probably realize that this is a game of nuances and not wide sweeping dramatics in economic terms. But markets are always fickle and actually saw past the momentary negativity of a poorer than expected results and pushed the USD higher.

Screen Shot 2014-04-07 at 9.40.36 AM

The EUR/USD, after the initial shock and knee jerk reactions after the release, headed downwards as the USD strengthened against most majors. The currency pair fell down back to Thursday’s levels near 1.3710 which is a very crucial support at the moment. The volatility levels had been high since Thursday when the ADP report was released and surprisingly enough, the NFP didn’t cause quite the stir it tends to as the market only created a widened band of trading between the high of 1.3731 and the low near 1.3675. The initial break lower was not supported and the market is now trading near 1.3705. This is very important for forex traders seeing as how the support level, which kept the forex pair well supported for many days is now rendered, well, dead.

The new levels of importance are 1.3670 to the downside. Any break of this level should allow binary options traders to take down options with relatively low risk. The risk levels may be much higher if looking to the upside as breaks to this direction look both less likely and even if there is a break, the likelihood of follow through which will render binary trades profitable looks lower as well. As such, we prefer focusing on the current down trend for the pair and steering clear of any reversal trades or upside break strategies.

Keep in mind that the market is moving rather slowly at the moment and this molasses like motion may be maintained well into the trading day, at least until the US session opens up in a number of hours. Until then, keep to shorter term smaller trades, thus minimizing risk and keeping the trades coming.

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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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