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EUR/USD binary signal - Eurozone Sentix Investor Confidence - 10 April 2017

Signal details
Entry Price: 
1.0550
Close Price: 
1.0592
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
ITM
How we trade
5/5 of 3 ratings

The Eurozone Sentix Investor confidence is due for release today and the economists polled are forecasting a modest pull back in the Sentix investor reading to 20.1, compared to 20.7 that were registered in March. Despite the expectations for a soft print, forward looking indicator is expected to remain close to the highest levels in nearly 10 years which was recorded in March. With Germany surging ahead in exports and production, a broader upbeat print is but expected.

The euro has opened the week on a rather bleak note with the U.S. dollar staying relatively strong across the board. This broad based strength comes on the back of the current risk aversion that has set in following the U.S. military strikes against Syria reported last week. As a result, it is very likely that the geo-politics will clearly overshadow the economic factors.

Recent economic data showed a broad pick up in the economic activity from the eurozone and as a result the Sentix investor confidence is likely to rise in the near term. Later in the day, the Fed Chair Janet Yellen will also be speaking which will be another main event risk for the markets, coming in later in the day. Ms. Yellen's comments will be important considering that she will be speaking after the rather mixed Friday jobs report.

Given the above, the binary options trading signal for today will be a EURUSD CALL option at 1.0550. We expect that the current pace of declines will hit support near this level before prices will start to reverse in the short term.
Therefore, purchase daily CALL options for a 20:00 GMT expiry time at 1.0550 with the prospects that EURUSD will be looking to close on a positive note or at the very least, retrace some of the declines from the session lows.

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.