Please note a daily forex market analysis below. In this report we cover technical analysis of major currency pairs. We cover EURUSD, GBPUSD, and AUDUSD. The analysis can be used as a binary options signals strategy implemented in the short and midterm. It can be also a good analysis tool for futures and spot traders in the forex market.

There hasn’t been any major movement in this market over the past two sessions. EURUSD traded around 1.34 mark testing the long term support. As consolidation continues into low volatility we expect the current descending channel to fully form in the next few days. As the pair has been in the downtrend since the double top on 5th May, there correction beyond 1.3580 is likely.

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Binary options signals recommended:

Take long/call positions on the break of the trendline above 1.3580
Short positions are recommended below 1.3380 after the consolidation pattern is unfolded.

Cable keeps falling slow but at pretty steady pace. GBPUSD declined to 1.6935 in today’s trading session. As we are bearish on this market, we expect the volatile correction once the upper trendline is broken. GBPUSD tends to begin the long term trend by spike to the new highs followed by sharp correction cancelling gains. As this is the most likely scenario, it might be shadowed by the summer low volatility environment.
Our long term bearish outlook remains intact.

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Binary options signals recommended:
We don’t recommend any short positions at the moment. Wait for the consolidation pattern to form.
Long/call positions can be established on the break of the descending trendline – above 1.70

Aussie, as expected, experienced a small correction in price. After breaking to the down side, it declined further towards 0.9370. Lack of trading volume doesn’t help for AUDUSD to find a way out of the consolidation pattern for now. We expect this market to sell off towards 0.9330 area before it can rebound at all.

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Binary options signals recommended:
Enter long/call positions at the support near the lower band of the triangle with the tight stop for futures and forex traders.
Short positions are not recommended at the moment. If you hold the short position, hold it until the support is in place. These can be cashed and reverse to take an advantage of the correction upmove.
Daily binary options summary:

We placed one position today
CALL EURUSD @ 1.3408
The position is currently open and remains in money.
We will advise if it needs to be sold out before expiry.