EURUSD – Daily Forex Technicals by ForexHound.com July 31st

Looking at the EURUSD daily chart  two things are clear, we got very close to a major support trendline while the pair formed a doji like bar on Wednesday and the stochastic oscillator got into oversold area and it’s beginning to turn. Based on this we can expect at least a sort of retracemnt of the last move down if not a biggger  bullish move, hoewer being aware that we have two pieces of information coming out today (US GDP) and tomorrow (NFP) anything can happen. Until we see a clear break of that support trendline we’ll be cautious about opening short positions, and if one does price action around the support 1.5500/1.5550 area is extremely important. Looking at the EURUSD daily chart  two things are clear, we got very close to a major support trendline while the pair formed a doji like bar on Wednesday and the stochastic oscillator got into oversold area and it’s beginning to turn. Based on this we can expect at least a sort of retracemnt of the last move down if not a biggger  bullish move, hoewer being aware that we have two pieces of information coming out today (US GDP) and tomorrow (NFP) anything can happen. Until we see a clear break of that support trendline we’ll be cautious about opening short positions, and if one does price action around the support 1.5500/1.5550 area is extremely important.

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