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NFP TURNS EUR/USD INTO HOT ASSET

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By: Adam Stone
March 10th 2014 6:00am GMT, London UK
 
Binary options traders should get this week started right. On the heels of a massive NFP this past Friday which saw the highest volume levels for binary options in the 4 year history of the company. The spike in volume was considered extreme and led to some incredible results. According to Daniel Gant, of the GOptions dealing room, “the spike in volume was unprecedented for the company and saw volume ordinarily seen in a whole week hit the wires in a single day. It created instant profits of hundreds of thousands of dollars for a select few traders.”

The Non Farm Payrolls is the largest trading event of the economic calendar and as such the moves seen were no surprise. The move itself wasn’t anywhere near as the move we saw on Thursday which was simply incredible and helped set up the small but strong move seen on the NFP day. The EUR/USD, where most of the volume was recorded, saw a more than 1.2% move in 2 hours on Thursday and pushed further higher on Friday after the release of the NFP. The results was actually quite positive seeing as how the market expected a release of just 149k and the actual was 175k new jobs created in the US economy. The reason for the general weakness of the USD was due not to the NFP result but rather to the unemployment rate which rose by 0.1% to 6.7%. The increase was not expected and the result was clear, a weaker dollar. The fact that Thursday saw such an increase in the EUR agains the USD was only a prelude to more to come.

When looking at the day ahead, binary options traders will need to pay close attention to the intra-day charts for the EUR/USD. If you notice below, the chart is showing an interesting formations of a possible head & shoulders. The pattern, normally heeded strictly on daily charts, should be closely monitored in this case. The reason is, we believe that the market is overheated and looks ripe for a correction to the downside in the coming hours. Look for a break of the support at 1.3856 for a continuation pattern. Any test of the level can also prove valuable to those seeking reversal signals.

EUR/USD for binary options traders

The day has opened up as expected so keeping eyes on the upside will be key. Although the head and shoulders pattern is still in effect, the upside pressure is real and should be monitored. We don’t recommend signals trading to the upside for the time being, or at least until the 1.3910 is broken again and this doesn’t seem likely in the coming hours.

So for now, keep a keen eye on the pattern and watch as it develops into, what we hope, a series of down signals for binary options traders 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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