Chief financial figures from the G20 and European Union will begin having official meetings over the next week to discuss how best to resolve the Greece problem. Other issues will be discussed as well, including the price of crude oil and monetary policies that are diverging from where many policy makers would like them to be. All of these are important issues that will be affecting the international marketplace, but the thing that will be impacted the most heavily is the price of the euro. Of course, other assets will be influenced, too, but the euro will be hit the hardest and fastest as Greece is playing a big role in the failing price of the primary EU currency.
The long term ramifications of this meeting for the euro should be positive. The end result should be a step in the right direction, and it should help to stabilize the currency and get the Egh, and U’s economy headed back in the right direction. This is a long term thing, though, and it doesn’t say anything for what the immediate changes in price will be.
In other words, this is all fundamental information to the euro’s position in relation to other currencies, but technical information is necessary and a lot more helpful if you are going to be making short term trades.
In fact, technical data is the most powerful tool you can use if you are looking at binary options of less than 30 minutes in length. Even news cannot be as accurate of a predictor when you start getting down to trades of a few minutes or shorter. The problem is that there are so many different indicators out there and traders often get overwhelmed by the sheer volume of indicators that are being marketed to them. The trick is not to find one magic indicator, nor is it to find twenty-five that all agree with each other. You will never find these. However, your goal as a short term trader is to find two or three that often work well in conjunction with each other and then find the ones that complement the asset you are trading. In this case, that’s the euro. Next, just tailor suit the indicators to the timeframe you’re trading, and go along fine tuning as you proceed.
Currencies–especially something so heavily traded like the euro–need to be looked at in light with other currencies, though. So, to maximize your odds of being profitable, looking at the euro, determining its direction, and then pairing it with a currency that is headed in the exact opposite direction is an easy way to better your chances of staying in the black. So, if good news comes out of the meetings this week, technical indicators say that the euro is gaining strength, and then finding a currency that is struggling, will help you to better your chances of picking the right short term direction for your trades. So, currencies like the Russian ruble, for one, would be good to pair with a strong currency when trading direction alone, as you would with binary options. This is a concept that can be transferred to any pair offered, even beyond the Forex market. Some binary brokers offer you to trade various other pairs, such as similar stocks. Using this technique to evaluate which of the two will be most profitable that day is a good way to turn a profit in other areas of the market. If you are looking for other money making opportunities, this is something that you can capitalize on if you like this technique and feel comfortable with the companies involved.