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EUR/USD binary signal - Eurozone Trade balance - 15 Jan 2018

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Signal details
Entry Price: 
1.2230
Close Price: 
1.2269
Direction: 
Low
Expiry Time: 
21:00 GMT
Result: 
OTM
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The markets open to a slow trading day at the start of a new trading week. Economic data is sparse and this makes the Eurozone's trade balance figures to stand out. The data is expected to be released at 10:00 GMT today by Eurostat. Economists forecast that the Eurozone's trade balance figures will post a surplus of 22.4 billion euro.

Data from October showed that trade surplus fell to 18.9 billion. This was a decline compared to September's data. Eurostat's official report showed that the decline in trade surplus came amid rising imports and a marginal decline in exports. The flash estimate showed that export of goods increased 8.0% on an annual basis. Imports however outpaced exports, rising 10.1% on an annual basis.

Despite the decline in the trade surplus, economists maintained the view that the trade balance data was healthy.
With the forecasts now showing a potential for an increase in trade surplus, it is quite likely that the momentum in the trade balance figures could rise once again.

Besides the trade balance figures, traders will be mostly looking to the major themes that could influence the markets today. The U.S. dollar remains weak and any undiscounted news could potentially dent the USD even further.

Based on the above, today's binary trading is EURUSD. The currency pair posted strong gains on Friday, closing at 1.2196. In the near term, technical support is seen at 1.2090 which could be tested.

Therefore we are looking to purchase daily PUT options at 1.2230 for a 21:00 GMT expiry time. We expect EURUSD to push lower as it attempts to find support and thus close lower on the day.

binary options signal eurusd 15 Jan 2018

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.