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EUR/USD binary signal - ISM Manufacturing data - 01 Dec 2017

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Signal details
Entry Price: 
1.1900
Close Price: 
1.1891
Direction: 
Call
Expiry Time: 
21:00 GMT
Result: 
OTM
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The U.S. Institute of Supply Management will be releasing the monthly manufacturing sector activity. The data is expected to be released at 15:00 GMT today. According to the economists, manufacturing activity as measured by the ISM's index is expected to dip modestly to 58.4 for the month of November.

In the previous month, the ISM manufacturing index rose to 58.7, which was a slower pace of increase. The index has been softly turning weaker since hitting the highs of 60.8 in September. Still, from a historical perspective, the current levels are high and underline the current pace of growth in the U.S.

Along with the ISM's manufacturing data, Markit will also be releasing its own manufacturing index readings, fifteen minutes earlier. The forecasts point to a stable print from Markit's index.

The data is unlikely to move the markets much in the short term but could potentially influence the outcome of the GDP data in the final quarter of the year. Earlier this week, data from the U.S. showed that the U.S. second revised GDP grew at a pace of 3.3% which was higher than expected. However, the U.S. dollar remains weak against the euro.

Based on the above, today's binary trading signal is EURUSD. The currency pair was trading volatile yesterday but managed to close on a bullish note. We expect the bullish momentum to be maintained.

Therefore, we would purchase daily CALL options in EURUSD for 21:00 GMT at 1.1900. In the short term, we expect EURUSD to briefly slip to 1.1900 but the bullish flag pattern formed on the intraday charts is expected to signal an upside breakout.

Thus, we expect to see EURUSD pulling back to 1.1900 level where support could be formed before closing higher on the day.

binary options signal eurusd 01 Dec 2017

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.