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EURUSD Daily Forecast: July 31

EURUSD Forecast
The EURUSD had a bullish momentum yesterday topped at 1.1718. The bias is bullish in nearest term testing the upper line of the triangle formation and 1.1725 – 1.1750 region which is a good area to sell with a tight stop loss. Immediate support is seen around 1.1680. A clear break below that area could lead price to neutral zone in nearest term testing 1.1650 region or lower. On the upside, a clear break and daily close above 1.1750 would be a serious threat to the major bearish trend testing 1.1850 area.

GBPUSD Daily Forecast: July 31

GBPUSD Forecast
The GBPUSD was indecisive yesterday. The bias is neutral in nearest term. Price is traded around the upper line of the bearish channel as you can see on my H4 chart below which is a good area to sell with a tight stop loss above 1.3215. Immediate support is seen around 1.3070. A clear break below that area could trigger further bearish pressure retesting 1.3000 psychological support area which remains a good place to buy with a tight stop loss as a clear break below that level would resume the major bearish trend testing 1.2750 region.

USDJPY Daily Forecast: July 31

USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. Price has been moving back and forth in a 100-pip range area since last week. The bias remains neutral in nearest term. The inside bar bearish scenario triggered by a move below 110.75 remains valid and can only be invalidated by a move above 111.55, with nearest bearish target seen around 110.00 region.

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