Trading plan 10/20/2017
Euro cannot determine the direction, but the traffic is close.
The pair EUR/USD attempted to organize growth rate on Thursday, but for the third time in a week, it could not overcome the downward resistance line of the day order (the TD-line, or Tom DeMarck’s line, is marked by a thick line in the chart below).
On Friday morning, the rate went again below the resistance.
We keep purchases from 1.1780 but the stop is moved to breakeven.
There are promising levels to break down and up the scale of H4 and daylight:
Sell for a breakout down from 1.1728 and from 1.1668.
We buy for a breakthrough upward from 1.1860 and from 1.1880.
The market expects a new round of the Catalonia-Madrid crisis: On Saturday, a decision is made to abolish the autonomy of Catalonia. In return, Catalonia’s independence from Spain can be proclaimed. This could drastically reduce the euro at the opening on Monday.