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Market Analysis for week of August 31st, 2015

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Pair: EURUSD

Resistance: 1.1300, 1.1400, 1.1560, 1.1714
Support:  1.1214, 1.1100, 1.1020, 1.1000
Bias: Neutral to Bearish. This week we have ECB rate decision on Thursday. Even though we are not expecting any interest rate changes, the market will be looking to Draghi’s statement for comments on ECB’s QE program, the latest developments in Greece and their view on Chinese markets.

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Pair: GBPUSD

Resistance:  1.5460, 1.5600, 1.5680, 1.5814
Support: 1.5320, 1.5250, 1.5180
Bias: Bearish. GBP was hit quite hard last week, closing at its lowest weekly close since June. It is now holding below the range and if it continues to hold below, we can look for a further move down. However, both EUR and GBP have moved to the downside quite sharply so we could see a pullback in these pairs before they move down further. This week we also have Non-Farm Payroll data coming out of the US which could have an impact on the USD causing a related move in this pair.

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