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EUR/USD binary signal - Eurozone flash services and manufacturing PMI - 23 Oct 2017

Signal details
Entry Price: 
1.1770
Close Price: 
1.1749
Direction: 
Low
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 4 ratings

The flash services and manufacturing PMI data for the month of October will be released today. Starting at 0700 GMT, the French, German and the Eurozone flash PMI's will be published. According to the economists polled, no major changes are expected with the manufacturing and services activity expected to remain broadly unchanged.

The German economy and the French economy to an extent have been contributing to the overall improvement of the said sectors in the past few months. Activity from Germany has been particularly positive, not just for the nation but for the entire Eurozone economy as well. The Eurozone economy, along with that of Germany is expected to see a pickup in momentum in the coming months.

The data comes ahead of a crucial week where the European Central Bank will be meeting on Thursday. The ECB is expected to announce its tapering plans starting January. The markets will be eagerly focusing on this Thursday's event. As a result, the PMI numbers today could be ignored.

Further complicating the landscape has been the weekend political developments in Spain. Following the Saturday's vote, the Spanish government is expected to revoke the autonomous powers for the region of Catalonia. A parliamentary vote is expected to take place on Tuesday.

The region of Catalonia however rejected these claims and said that it would not accept the Mariano Rajoy's bid to dissolve the Catalonian parliament and impose fresh elections. The euro is expected to take cues from the political side as well as the economic side as well.

The binary options trading signal for today is the EURUSD. The currency pair was seen posting declines on Friday. We expect this bearish trend to continue over the next few days.

Therefore, we purchase daily PUT options at 1.1770. We expect the EURUSD to consolidate near this level in the short term on an intraday basis before the currency pair eventually close lower on the day.

binary options signal EURUSD 23 Oct 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.