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By: Adam Stone
June 3rd 2014 5:34am GMT, London UK

Binary options trading begins the day on a high note with many assets heading higher, some more dramatically than others. We start with the forex market where the EUR/USD and USD/JPY made quite a bit of a racket. For the EUR/USD, the day was a volatile one to say the least. Thing started off very positive for the USD as the EUR feel from 1.6340 at the start of the session to about 1.3588 by the midway point. However, then things began to balance out and the forex pair slowly crawled higher and into the middle of the current range of trading: 1.3590 – 1.3615.

This range looks rather shaky though and as such, binary options traders should steer clear of reversal strategies today or at the very least, limit them severely to those tests in which the market really does make a physical touch of the resistances/supports in question. Without this, the risk level heads higher and endangers your account status.

Break strategies aren’t going to do much better despite the big move made by the USD yesterday. The calm after the storm seems to have pushed the USD bulls out of the market and into lower risk assets (possibly the USD/JPY). As such, don’t expect that the days leading to the NFP report (this Friday at 12:30 GMT) will have much more of a bias than has already been seen.

As such, binary traders will do well to keep tabs on the EUR/USD forex pair but don’t expect much to help push the currency pair over the edge and thus offer real break opportunities. This is especially try due to the lack of news in the US markets until at least tomorrow.

EURUSD with binary options 3-6-2014

The USD/JPY has created a stable top or resistance now at the 102.46 level and support is now a bit fragmented but hovering near the 102.28 level. This range is again tight and could suffer the same fate as the range we described in yesterday’s analysis. The expected break should not surprise you either and today could see the support below tested. Binary options traders will do well to gauge momentum of any trade prior to entry as risk levels due to the push out of the EUR/USD yesterday could lead to some further volatility. But directional bias is now rather neutral. We prefer an upside break due to the far lower risk levels associated with a break in this direction as the resistance in this case is a clearer and more classic formation.

USDJPY with binary options 3-6-2014

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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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