EURUSD – Binary Options Technical Analysis.
United States – CB Consumer Confidence
Tomorrow, at 3:00 p.m., the Conference Board Inc. will publish its Consumer Confidence index that measures the level of a composite index created from data based on a regular monthly household survey.
A higher consumer confidence usually indicates future consumer spending, which can significantly affect the overall economic conditions. Hence, binary options traders consider this kind of survey based index to be a leading indicator.
Last month, the CB Consumer Confidence index came out at 97.3. This month, the forecast is that the index reading will come out slightly lower, at 97.2.
Eurozone – German Retail Sales
On Wednesday, at GMT 7:00 a.m., the Destatis will release the month over month German retail sales data, which measures the changes in the total value of sales at the retail level in the country.
Since the German economy makes up a large portion of the overall Eurozone economy, and the retail sales acts as a primary measurement of consumer spending and consumer confidence, binary options investors consider it to be an important fundamental indicator.
Last month, the German retail sales figure declined by 0.1% and the forecast for this month is that it will increase by 0.5%.
Trade Recommendation for the EURUSD
After failing to penetrate below the important psychological pivot zone near 1.0965, the EURUSD started a retracement towards the downtrend line. On July 31, the EUR/USD price broke above the downtrend line and crossed above the resistance zone near 1.1150.
Last Friday, the EUR/USD formed a large bearish outside bar (BEOB), indicating the EURUSD price is about to resume the downtrend. Earlier today, the EUR/USD penetrated below the low of this BEOB, confirming the trend change.
As the German retail sales is expected to increase and US CB consumer confidence index is expected to decline, the fundamental outlook for the EUR/USD would remain bullish. However, the formation of the large BEOB bar should attract and trigger ample bearish momentum to push the EURUSD price below the 1.1150 level in the next few days.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the EUR/USD with their top binary options brokers as soon as the price closes below the 1.1150 level on the daily chart.
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