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Market Analysis for week of September 7th, 2015

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Pair: EURUSD

Resistance: 1.1214, 1.1300, 1.1400, 1.1560, 1.1714
Support:  1.1080, 1.1020, 1.1000, 1.0920
Bias: Neutral to Bearish. Draghis’ statement last week was quite dovish and as a result we saw EUR take a tumble. We may see this sentiment continue for EUR this week.

For the USD, the Non-farm payroll data was mixed. This is the last real piece of data before Fed makes the rate decision for September.  The market may be a bit tentative this week ahead of the Fed rate decision next week.

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Pair: GBPUSD

Resistance:  1.5460, 1.5600, 1.5680, 1.5814
Support: 1.5320, 1.5250, 1.5180
Bias: Bearish. Dollar strength is back in the market and GBP has continued its downward move, closing the week out at the previous swing low.  With no major data scheduled for Monday European session and it being a holiday in the US, we expect to start the week off on a quiet note. We do have the MPC rate statement coming out this week. However, after the week data that we’ve seen for the GBP and global market conditions, market participants are not looking for a rate hike any time soon. Overall, we look to sell rallies in this pair.

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