EUR/USD – Technical Analysis for US Binary Options
Eurozone – German Preliminary GDP
Today, at GMT 6:00 a.m., the Destatis released the quarter-over-quarter German Preliminary GDP figure, which measures the changes in the value of all products and services produced by the Germany economy. However, this figure is adjusted for inflation in order to provide a more accurate data.
US Binary options traders consider the German GDP to be one of the most vital fundamental indicators of measure the production in the Eurozone economy, as German economy makes up a large part of the entire Eurozone economic activities.
Last quarter, the German preliminary GDP grew by 0.7% and the forecast for this quarter was set at an additional increase of 0.7%. However, the actual figure came out at a slightly lower rate of growth, at 0.6%.
United States – Retail Sales
Later, at GMT 12:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure, which measures the changes in the total value of all sales made at the retail level in the country over the past month.
Retail sales data are considered by binary options investors to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.
Last month, the US retail sales value decreased by -0.2% and the forecast for this month is that it would likely increase by an additional 0.3%.
Since breaking above the strong resistance around 1.1285, the EUR/USD remained in an uptrend that pushed the price up by around 600 pips over the last two months. However, after reaching the resistance near 1.1900, the EUR/USD started a minor retracement that pushed it back towards the support around 1.1685 level.
As the German Preliminary GDP came out slightly lower than what the market was expecting, but the US retail sales is expected to increase by 0.3% last month, we believe it would likely set a bearish fundamental outlook for the EUR/USD this week. Therefore, if the EUR/USD breaks below the support near 1.1685 level, it would likely find additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities below this major support level around 1.1685.
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