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EUR/USD binary signal - German Factory Orders - 08 Jan 2018

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Entry Price: 
Close Price: 
Expiry Time: 
21:00 GMT
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It is a relatively quiet day for the markets today with mostly second tier data. Data for the euro will be influenced by the German factory orders report that will be released at 0700 GMT today. The report features the performance of the factory orders for Germany covering the period of December 2017l.

According to the economists polled, German factory orders are expected to rise just 0.1% on a month over month basis in December 2017. This would mark a slower pace of increase compared to November's 0.5% expansion.
Factory orders are expected to have slowed during the month of December. This potentially minimizes the downside risks in the euro as a result.

Following the factory orders data, the Sentix investor confidence data will also be released for the Eurozone. Economists expect that investor confidence rose to 31.5, up from 31.1 previously. With the Eurozone ending the year 2017 with a bang and with market optimism at highs, we expect to see the investor confidence being boosted as well.

The retail sales report will be released later in the day at 1000 GMT. Economists expect that retail sales might have rebounded, rising 1.4% on the month. This would potentially offset the 1.1% decline that was seen in the previous month. Most of the economic data today will focus on the Eurozone and as a result this could potentially affect the EURUSD.

Based on the above, today's binary options signal is EURUSD. The common currency has posted strong gains in the first week of the year. This bullish momentum is expected to be maintained in the near term, albeit some short term dips.

The EURUSD closed last week above 1.20 handle but the weakness was evident. The current declines could stall near the support level at 1.2005. Therefore, we would purchase daily CALL options at 1.2005 for a 21:00 GMT expiry time. We expect EURUSD to post a rebound off this support level and possibly close higher on the day.

binary options signal eurusd 08 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. 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.