EUR/USD – Technical Analysis for US Binary Options
- 1 EUR/USD – Technical Analysis for US Binary Options
- 2 Top US Broker: BinaryMate
- 3 US Regulated Platform: NADEX
- 4 Top Global Broker: IQ Option
United States – Unemployment Claims
On Thursday, at GMT 2:30 p.m., the US Department of Labor will release the unemployment claims figure, which measures the changes in the number of people who claimed for unemployment insurance over the last week.
US Binary options investors consider the unemployment claims data to be one of the most important fundamental indicators of the US job market. This is primarily because unemployment and consumer spending has direct correlation and an increasing number of unemployment claims indicate lower consumer spending in the economy, which makes up the bulk of the economic activity in the United States.
Last week, the US unemployment claims figure came out at 223,00 and the forecast for this week is set at an increase to 239,000.
Eurozone – German Trade Balance
On Friday, at GMT 8:00 a.m., the Destatis will release the monthly trade balance figure, which measures the difference in value between net import and export of goods over the past month.
The demand for export in Germany is directly correlated with the demand for the Euro, because the German economy makes up a large portion of the overall Eurozone economy. Hence, binary options traders analyze the monthly trade balance in order to gauge the strength of the EURO against other major currencies.
Last month, the German trade balance figure came out at 18.4 billion and the forecast for this month is currently set at 119.2 billion.
Trade Recommendation for the EUR/USD
After forming a large bearish outside bar on November 9, 2016, the EUR/USD remained in a strong downtrend that pushed the price towards the support level around 1.0350 at the end of December 2016. However, over the last two months, the EUR/USD price has turned bullish and tested the downtrend line twice.
Earlier today, the EUR/USD broke above the downtrend line and currently trading above the resistance around the 1.0630 level.
As the German trade balance is expected to increase by over 100 billion within the last month, from 18.4 to 119.2 billion, we believe it would set a bullish fundamental outlook for the EUR/USD this week.
Hence, if the EUR/USD closes above the 1.0630 level today, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the EUR/USD with their US binary options brokers as soon as the price closes above the 1.0630 level on the daily timeframe.
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