EUR/USD finds new cellar at 1.1858

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<img class="wp-image-2047 aligncenter" src="http://rangeforex.com/wp-content/uploads/2017/10/Screen-Shot-2017-10-20-at-4.46.01-PM.png" alt="" width="737" height="490" />Although Spanish authorities decided to suspend Catalonia’s autonomy, the common European currency did not show negative reaction to this news.

In fact, it bounced off from a combination of the 100-, 200-hour SMAs and the weekly PP and managed to break through the upper boundary of one of the descending channels. After failing to bypass the 1.1858 level three times in a row it slipped back to the above weekly PP.

On the one hand, the 64% average bearish market sentiment and anticipation of Janet Yellen speech later this day play in favour of appreciation of the buck.

On the other hand, the southern side remains protected by a bunch of moving averages, which have already stopped the pair from falling below the 1.1800 mark.

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