Are you looking for the best binary options brokers where to trade EUR/USD currency pair? Find here a comparison table designed to make it easy for you to find the best binary option broker for trading EUR/USD. It contains the payout, the return to loss, contract types and expiration times for every trusted broker listed in the table.
Binary Options EUR/USD Trading
Trading currency pairs is one of the most simple and dynamic ways that binary options traders can be involved in the trading market. The reason is that the value of currencies continuosly changes, allowing both experienced and beginner traders alike to capitalize on potential profit in this specific area.
One of the most popular trading pairs for binary options traders is the EUR/USD (Euro and US Dollar).
Everyday, every hour, someone is either buying or selling the EUR/USD. And because of the high trading volume of this currency pair, there are a lot of opportunities to profit from any price movement. Liquidity is very important because it causes prices to change gradually and trends to develop incrementally, so there is low volatility.
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When trading binary options on the EUR/USD currency pair, the currency pair compares the value of the EUR to the USD. Hence, the Euro acts as the base currency and the dollar as the counter currency.
For example, if the exchange rate is estimated at 1.1500, this means that 1 euro is traded for 1.15 US dollars.
Every price movement of currency pairs is measured in terms of pips. A pip is an acronym of “percentage in point”. EUR/USD is priced to four decimal places. Hence, the smallest change is that of the last decimal point.
While this particular pair has slow movement in comparison to the other major pairs, it is a very good place for novice traders to practice. The relative strength of the US economy and the European economy, which can be tracked through the daily news, generally influence this pair.
Type of EUR/USD Binary Options
These are the usual contract types that can be used to trade EUR/USD in the binary options market.
- Up/Down: Predicting if the EUR/USD price will go up before the expiration time comes.
- Touch options: Predict if EUR/USD will touch any strike at its expiration.
- In/Out: Predict if EUR/USD will stay within two predetermined strike prices.
Factors Influencing Price of EUR/USD
- Interest rates
- Employment Numbers
- GDP growth rate (Gross Domestic Product)
- Gross Domestic Product
- Retail Sales, Consumer Price and Producer Price Indexes
- Sentiment Indicators