10th October 2017 - Catalonia preferred to buy time

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Old Oct 10, 2017, 8:46pm   #1
 
Walid Salah Eldin's Avatar
Joined Jan 2016
10th October 2017 - Catalonia preferred to buy time

The Catalan President Carles Puigdemont could boost demand for the single currency by suspending the independence of Catalonia till reaching a diplomatic agreement with the central government in Madrid.
Carles's softer tone speech reflected the fear of closing businesses in Catalonia and the will for avoiding direct conflicts between Catalonia and Spain which threats of 155th Article of the Spanish Constitution activation to freeze the self-ruling in Catalonia.
Carles himself has been exposed to be arrested in the case of announcing today the independence which could trigger clashes between Catalonia and Spain.
Carles avoided the violence way today as much as he could and in the same time reflected the Catalonian will in peaceful separation putting the central Government under pressure to talk.
In same time, Catalonia is in need for leeway to talk about its formation and its existence in EU which refused to take any side and refused also to be a Mediator in that Spanish inner dialogue as it named.
Carles's message which eroded the separation passion today did not reflect that economic situation in Catalonia but the political situation also
As the voices for keeping Catalonia inside Spain are still high and they can be underpinned by Spain, While Catalonia is in need to be united to the farest possible extent at this critical stage.


EURUSD rose to 1.1825 today to have its first day above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading now 1.1669, after 19 consecutive days of trading below this indicator.
EURUSD could bounce up last Friday from 1.1669 to keep its supporting level which has been formed at 1.1662 on last Aug. 17 unbroken.
EURUSD bouncing up from 1.1669 could bring it back above 23.6% Fibonacci retracement level of its rising this year from 1.0340 to 1.2092.
EURUSD is now in need to get over its resistance level at 1.1832 which capped it on last Sep. 29 before facing its previous formed a lower high at 1.2032 which below its peak at 1.2092 which has been formed on Sep. 8.
EURUSD is still also in need to have higher upside momentum by rising above its daily SMA50.
while it is still underpinned over longer range by continued being above its daily SMA100 and its daily SMA200, After forming a series of higher lows had started with its formed bottom at 1.0340 on the third day of this year to be the lowest level of the pair since December 2002.
EURUSD daily RSI-14 is referring now to existence in the neutral region reading 49.249.
EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is still having its main line in the neutral region at 64.904 leading to the upside its signal line which is at 45.225 lower in the same region.

Important levels: Daily SMA50 @ 1.1844, Daily SMA100 @ 1.1605 and Daily SMA200 @ 1.1167
S&R:
S1: 1.1662
S2: 1.1612
S3: 1.1479
R1: 1.1832
R2: 1.2032
R3: 1.2092

Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din
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