EURUSD – Binary Options Technical Analysis.
United States – Building Permits
Tomorrow, at GMT 1:30 p.m., the US Census Bureau released 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 investors consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.14 million building permits were issued and this month, analysts are expecting the figure to come out around 1.17 million.
Eurozone – German Flash Manufacturing PMI
Later in the week, on Friday, at GMT 8:30 a.m., the Markit will release the German Flash Manufacturing PMI data, which measures the level of a diffusion index based on surveying around 500 purchasing managers in the country.
Binary options traders consider the Flash Manufacturing PMI figure to be a leading indicator of the German economic climate as purchasing managers usually has the insight regarding business conditions such as employment, production capacity and new bulk orders and inventory situation.
Last month, the German Flash Manufacturing PMI figure came out at 51.7 and the forecast for this month is currently set at 51.5.
Trade Recommendation for the EURUSD
Over the last few weeks, the EURUSD has mostly remained range bound between 1.1150 and 1.1350. Last week, the EURUSD once again tried to penetrate below the support around 1.1150, but so far failed to do so.
Earlier today, the EURUSD price bounced off the 1.1150 level, and currently, trading around 20 pips above the opening price.
As both the German flash manufacturing PMI and US building permits figures are expected to come near last month’s figures, the fundamental outlook for the EURUSD would likely remain neutral, which means the range bound price action would likely to continue.
However, given how strong the support has been around the 1.1150 level, if price penetrates below this level, it would likely attraction additional bearish momentum in the market, which may present traders with an opportunity.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the EURUSD with their US binary options brokers as soon as the price and closes below the 1.1150 level on the daily time frame.
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