EUR/USD – Technical Analysis for US Binary Options
United States – Building Permits
Tomorrow, at GMT 1:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, and construction work usually increases the demand for products and services in the local area, binary options traders consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.22 million building permits were issued and this month, analysts are expecting the figure to come out around 1.25 million.
Eurozone – German PPI
On Thursday, at GMT 7:00 a.m., the Destatis will release the German Producer Price Index (PPI), which measure the changes in the price of sold goods by the German manufacturers in the previous month.
Since manufacturers increase their prices when the cost of production goes up, binary options investors consider the German PPI to be a leading indicator of the overall German consumer inflation. Also, as Germany makes up a large portion of the overall Eurozone economy, its consumer inflation situation can have a substantial impact on the valuation of the Euro.
Last month, the German PPI increased by 0.2% and the forecast for this month is also set at an additional 0.2% increase.
Since forming a bearish pin bar on March 27, 2017, the EUR/USD price went down by around 330 pips over the last few weeks. But, as soon as the EUR/USD reached near the uptrend line, it found strong support last week. Currently, the EUR/USD is trading above the uptrend line, appearing to be in a bullish retracement move.
As the US building permits figure is expected to increase from only 1.22 million to 1.25 million, but the German PPI is expected to increase by 0.2% once again this month, we believe it would likely set a bullish fundamental outlook for the EUR/USD this week.
The next major resistance for EUR/USD would be around 1.0675 level. If the EUR/USD penetrates and closes above the 1.0675 level, based on our fundamental analysis, it would likely attract additional bullish momentum in the market. Hence, US binary options traders should look out for trading opportunities above this major resistance level around 1.0675.
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