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EUR/USD binary signal - Eurozone flash CPI - 30 Nov 2017

Signal details
Entry Price: 
1.1845
Close Price: 
1.1902
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 8 ratings

The Eurozone flash inflation estimates data will be released today at 10:00 GMT. The data will cover the period of November. According to the economists polled, consumer prices in the Eurozone are expected to have increased 1.6% on the year in November.

This marks a slight acceleration from the 1.4% increase seen the month before. Consumer prices were seen rising at a slower pace in the past two months after the initial surge that led to the enthusiasm that the faster rate of inflation could spur ECB officials to cut down on QE.

Excluding the volatile components, the core inflation rate is forecast to rise 1.0%. This is higher than the 0.9% increase seen the month before. The modest increase in the consumer prices data could signal that inflationary pressures returned.

In September, import prices rose 0.9% on the month or about 3.0% on an annualized basis. Excluding crude oil imports, import prices were seen rising 2.1% on the year.

Later in the day, the U.S. core PCE data will be coming out. Estimates put the Fed's preferred inflation gauge to rise 0.2% on the month, accelerating from 0.1% increase previously. Despite the increase, the pace of inflation increase is expected to remain modest.

Today's binary options signal is EURUSD, the currency pair will be influenced by both the U.S. and the Eurozone inflation data today. Price action was trading weaker earlier this week but yesterday's candlestick pattern shows some upside prevailing. In the short term, the common currency could be seen retesting the lower support levels.

Therefore, we are looking to purchase daily CALL options at 1.1845 for 21:00 GMT expiry time. We expect EURUSD to retest the support level before attempting to close higher on the day.

binary options signal eurusd 30 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. He has no business nor personal relationships with any mentioned government entities or stocks. 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.