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EUR/USD binary signal - Italy industrial production - 11 Sep 2017

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Signal details
Entry Price: 
1.2020
Close Price: 
1.1952
Direction: 
Put
Expiry Time: 
20:00 GMT
Result: 
ITM
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The economic calendar is light today with no major economic events that could drive the markets. The only exception to the above, being the second-tier data coming out of Italy. The Italian industrial production numbers released today is expected to show a 0.5% decline on a month over month basis. Despite the decline that is forecast, the fact that industrial production rose 1.1% just the month before suggests that the markets will shrug off the data.

Traders will be focusing on the overall theme in the markets. Following last week's ECB decision, investors pushed the euro higher as the common currency rallied to $1.2000 levels. By Friday's close however, the currency pair gave up some of the gains made. With the strong rally in the currency pair since June and July this year, there is potential for traders to take a break.

Economic and geo-political events will also be in the background. The U.S. dollar continues its weakness as the Fed officials who spoke last week offered little of interest to the markets. For the most part, it was only Lael Brainard who was hawkish in noting that the central bank should continue with another rate hike. Still, the markets are not quite convinced about the Fed's ability to follow through with a rate hike this year.

The tensions between the U.S. and North Korea, along with the hurricanes hitting the U.S. shores have dented the sentiment in the USD. This has led to most of the other currencies taking advantage of the USD's weakness, with the exception of the New Zealand dollar.

Therefore, based on the above, today's binary trading signal is EURUSD. The bearish close on Friday suggests a near term decline in the currency pair. We can see a minor support level that is evolving at 1.2020, which will potentially expose the currency pair to the next lower support level.

We are looking to purchase daily PUT options in EURUSD at 1.2020 for a 20:00 GMT expiry time. We expect to see the Euro break down below this support level and close lower on the day.

binary options signal 11 Sep 2017

Comments

fafza's picture

ITM! :)

fafza

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.