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EUR/USD binary signal - U.S. Nonfarm Payrolls - 04 May 2018

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Signal details
Entry Price: 
1.1950
Close Price: 
1.1959
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 13 ratings

The monthly nonfarm payrolls data for the month of April will be released today at 12:30 GMT by the U.S. department of labor statistics. According to the economists' polled, the U.S. unemployment rate is expected to slip to 4.0% down from 4.1% seen the month before.

The U.S. economy is expected to add 189k jobs during the month of April. This marks a rebound in the pace of hiring after data for March showed that the U.S. economy added only 103k jobs. There will be revisions to the previous month's data as well.

Focus will of course remain on the average hourly earnings report. Forecasts show that the U.S. average hourly earnings increased 0.2% on the month. This marks a modestly slower pace of increase compared to 0.3% increase seen the month before.

Still, despite the slowdown, the pace of wage growth is expected to remain steady and moderately rising. A better than expected beat on the forecasts could potentially cement expectations that the U.S. Federal Reserve will be looking to hike rates at the next FOMC meeting in June.

Earlier in the week, the ADP private payrolls data showed a strong increase in jobs on the month. The U.S. economy was seen rising 204k on the month. This beat forecasts of 200k. However, the jobs data for March was seen revised down to 228k from initial estimates of 241k.

The day is also marked by a number of Fed member speeches including William Dudley, Williams and Quarles.
Based on the above, today's binary options signal is EURUSD. The currency pair was seen falling to lows of 1.1954 which marks a long term support level. We expect this support to hold in the near term.

Therefore, we are looking to purchase daily CALL options at 1.1950 for a 21:00 GMT expiry time. We expect the EURUSD to potentially close higher on the day.

binary options signal eurusd 04 may 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.