Art_of_Trading

EURUSD: Key Zone for Short

FX:EURUSD   Euro Fx/U.S. Dollar
On FX:EURUSD             , there was a dramatic fall yesterday. Bears got their control, but where are Bulls?

There is a key zone at 1.1101, which was acted as support but the price falls below that level and it became the resistance. Thus, it is a important area and if the price will go to that level, it is more likely that it will act as resistance again. We all know that institutional traders and big players place their orders at key zones. Moreover, we have an additional confirmation - Fibonacci. Fibo 38.2% level exactly hits this key zone.
From this analysis, it may conclude that if the price goes near to 1.11011, it will be a good opportunity to go short.
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