The Euro is consolidating and setting up to break out of recent ranges
The euro has been rather directionless today with rates trading within a range roughly between 1.3515 and 1.3570. We would be waiting for a breakout before taking any direction so in today's forecast we will have two alternative scenarios.
The first and more likely move in the pair is to the upside. We have already successfully called the rise in the GBP/USD yesterday and our readers will most certainly book a profit on their call trades at today's daily expiration.
Price action in the EUR/USD binary options forex pair has started with a US dollar rally that lasted for a couple of hours until New york trading kicked in. The daily low has been marked at 1.3516 after 12:00 GMT.
The news from Europe were kind of neutral with the ZEW survey showing good prospects for the Euro Zone, however the German number was a bit lower than expected. That cause a sell-off after the news were released at 1.3516.
Everything changed with the start of the New York session - traders flocked to buy the European currency and could have concluded the day with an upbeat tone if the test of yesterday's high was successful.
That's not exactly what happened as the rally in the EUR/USD binary options forex pair has hit a ceiling at 1.3569 and was sold off on the unsuccessful test of the range. There isn't much on the data front tomorrow so we will keep a close eye on the charts.
If we see an hourly close above 1.3570 we will buy daily calls for tomorrow. If however we see an hourly close below the blue line on our chart we would buy daily puts for expiration for tomorrow. Stay tuned for more forecasts and have fun trading!