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11:35:50 GMT
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TO TAPER OR NOT TO TAPER

BITCOIN 781.950 11:20 03.12
BitCoin/CNY 5382.550 11:20 03.12
BITCOIN 782.045 11:00 03.12
BitCoin/CNY 5383.210 11:00 03.12
BITCOIN 782.136 10:40 03.12
BitCoin/CNY 5383.835 10:40 03.12
BITCOIN 782.186 10:20 03.12
BitCoin/CNY 5384.175 10:20 03.12
BITCOIN 782.498 10:00 03.12
BitCoin/CNY 5386.325 10:00 03.12
BITCOIN 780.288 09:40 03.12
BitCoin/CNY 5371.115 09:40 03.12
BITCOIN 781.315 09:20 03.12
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The day is starting with serious pressure being placed on the USD to the downside and binary options traders, who have recorded some of the largest trading volumes recorded on the EUR/USD in recent memory are likely going to keep up the pressure in hopes of seeing some serious breaks. The EUR/USD, already the most oft traded currency pair with binary options, is now heading higher and the market is looking for more. The pair is currently quoted near 1.3552 and opened the trading day with an interesting pattern on the daily charts.

EURUSD with binary options 20-11-2013

At the moment, the charts are showing the current day as a doji in waiting. While this is obviously not a pattern worthy of trading off of, it is still a concern. The reason is that binary options traders have been heavily favoring the upside for the pair, and with good reason. Since the 11th of the month, the market has been pushing to the upside and it looks to continue. But the doji candle in formation is a concern. If it does work out to be a doji, then binary options traders will look to the downside as a reversal may very well be in the cards.

The pressure on the downside for the USD may actually be exacerbated by comments made by Ben Bernanke. As it’s pretty clear that the Fed won’t be tapering anytime soon. The fact is Bernanke reiterated this sentiment and as such, with more than 80 billion USD continuing to flood the US market, the value of the USD should continue to drop. This could of course put an end to our concern about any doji and certainly a reversal will go out the window.

Please keep in mind that the USD might be under added after the Bank Of England’s (BOE) monetary policy decision early this morning at 9:30 GMT. Expect volatility especially on the GBP/USD. However, we don’t currently expect any major change in the policy of the BOE and interest rates can be expected to be maintained at 0.5%. Binary options traders though can try and focus on the GBP/USD at least during the coming hours and try to take advantage of a few breaks along the way, especially if the volatility levels shoot higher.

Later today, the markets will be focused on the FOMC meeting minutes. This is simply a transcript of the Fed’s previous meeting and is used as a means of delving deeper into the decisions made by the Fed and the reasons behind them. It’s most important to markets to decipher the timing of the Fed mandated tapering of the bond buy-back program which is, as explained above, not expected to be curtailed in 2013. However, the fact is, if the meeting minutes provide insights as to a possible different outcome, the markets will be rattled. We recommend keeping a very keen eye on the screens as the minutes are released this evening

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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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