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EUR/JPY binary signal - EU Economic forecasts - 09 Nov 2017

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Expiry Time: 
21:00 GMT
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The European Commission will be releasing the quarterly EU economic forecasts today at 10:00 GMT. The forecasts will include the GDP data and the inflation estimates for the remainder of the year as well as issuing fresh forecasts for the year ahead.

According to the economists polled, the EU commission is expected to downgrade the inflation estimates. This comes as the Eurostat will be releasing the final inflation figures later this week. According to the initial forecasts on inflation, consumer prices were seen easing back in the month of October.

This is widely in line with the forecasts issued by the ECB few months ago where the governing council cautioned that inflation will ease into the end of this year and early next year. Along with the EU economic forecasts, the ECB economic bulletin will also be released an hour ahead at 0900 GMT.

The ECB economic bulletin will be forecasting on the state of the Eurozone economy. However, the central bank's projections are expected to remain broadly subdued. This could be in line with the other member's projection of the ECB's monetary policy. In recent weeks various ECB officials have come out defending the ECB's monetary policy actions.

The central bank had tapered its QE purchases by half to 30 billion euro but at the same time extended the bond purchases by another nine months. This was mostly viewed by the markets are being dovish. However, given the strong speculative rally in the EURUSD over the past few months, the euro was seen declining after the ECB's decision.

Besides the EU forecasts and the economic bulletin that will be released by the ECB, the U.S. data will include the weekly unemployment claims as well. The jobs market in the U.S. has remained robust and recent data showed that the jobs disruption caused by the hurricanes as also short lived.

Today's binary trading is EURJPY, the currency pair closed with a doji pattern yesterday. On the short term charts, we are seeing a pullback. Therefore, we are looking to purchase daily CALL options at 131.90 for 21:00 GMT expiry time.

We expect that EURJPY will slip towards this level where support is likely to be established, following which there is a potential for the currency pair to close higher on the day.

binary options signal eurjpy 09 Nov 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.