EURUSD Binary Options Intraday Strategy
As Euro-Dollar often offers a generous payout in the binary options market it will be our key focus throughout our binary options intraday strategies. We focus on EURUSD 15min chart for our intraday strategy.
EURUSD 15min Chart
Please click on the chart to enlarge:
EURUSD 15min Chart, 07/06/15
EURUSD nearest resistance level is seen at 1.1132 while a diagonal support (in blue) has cushioned the weakness in the currency pair. Binary options traders are likely to focus on re-tests of the 1.1132 resistance. As long as the price is trading between the support and resistance level it may offer numerous technical entries for both call and put options until a firm breakout is noted. A break below the support line may lead to moderate losses towards 1.1092, which is expected to hold on first test. A firm break above the resistance may pave the way to 1.1183 where the next resistance lies, however, ‘straight’ gains to 1.1183 are unlikely, which means dips may be capitalized on by binary options traders.
For optimal conditions binary options will enjoy trading EURUSD as long as the price is trading within the support and resistance levels, focusing on re-tests until the price breaks outside its boundaries.
EURGBP Binary Options Intraday Strategy
Unlike EURUSD, a breakout is required in EURGBP to discover the trend in the currency pair.
EURGBP 15min Chart
Please click on the chart to enlarge:
EURGBP 15min Chart, 07/06/15
On many occasions the pattern in EURGBP suggests a resumption of the downtrend but we choose to be more conservative. As the price is nearing the end of the pennant an imminent breakout must be seen in order to confirm the trend in the pair. Once a breakout is noted either above the pennant (above the resistance) or below the pennant (below the support) the trend is expected to continue. Attempting to trade on support/resistance re-tests bears a great risk as the price is within a near proximity to the end of the pennant. If no breakout is noted and the price has reached the end of the pennant the 15min strategy is negated. Under such a scenario we suggest focusing on the resistance level, which would remain firm despite the invalidation of the pennant.
We will repeat that under most circumstances this pattern suggests heavy selling is due but from our experience we choose to be conservative and simply await the breakout.
Please note that although the analysis was conducted on a 15min time frame you may conduct your own analysis on a short time frame using our strategies that may allow you to opt for a spectrum of expirations in the binary options market.
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Last Updated on August 4, 2015