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17.11.202007:59 Forex Analysis & Reviews: EURUSD significant resistance zone

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Today, the pair is testing the WCZ 1/2 1.1860-1.1850. Fixing above this zone will open the way for the pair to grow in the second half of the week. The target of the upward movement will be the weekly control zone of 1.1974-1.1954. The upward movement will be 114 points, which will allow you to get a favorable risk-to-profit ratio when buying EURUSD below the level of 1.1860.

This model will continue the medium-term momentum started two weeks earlier. Please note that the growth of EUR/USD will affect the Dollar index, which may cause the growth of other majors.

If today's WCZ 1/2 test leads to a sharp increase in supply and the closing of trading occurs below the zone, then sales of the instrument will come to the fore. The downward model is still undeveloped so the target of the fall will be the weekly control zone of 1.1712-1.1692 which should also be rebuilt at a new margin of $2600 per contract.

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