US data provides impetus for dollar bulls, let's see how long they remain in control
The king of binary options forex pairs – the EUR/USD is steady between 1.3530 and 1.3610 today. In order to break the range some fresh data will be needed. Just before the US releases its all-important ISM Services data at 15:00 GMT we are taking cues and waiting for the data.
The Europen currency staged a nice rally in the morning approaching 1.36, but brilliant data about jobs by the private company conducting an employment surevy has come out very strong and hopes of the USD bears were dashed to pieces. According to ADP the US Economy has created 235,000 private sector jobs in the month of November.
The data comes out very string with the consensus expectations being way lower by 50,000. Additional cues were provided by the October Trade Balance number that acknowledged a trade deficit of $40.64 billion. This represents a nice year on year figure and shows that the US economy is gathering pace.
We would be expecting the next move by the Federal Reserve to come either in marchor earlier, as the tapering talk intensifies once again. As the session goes on the ISM comes out at 53.9 which is slightly weaker than expected but new home sales are way higher for October up by a whopping 24%.
The Euro is currently staging a rebound and we think that these levels around 1.3560-70 are good to try buying hourly puts. Should we break above 1.3580 however our call will be reversed and we will be buying calls. Enjoy your trading in binary options forex markets today and good luck!