Analysis: Wedge Pattern | EUR\USD

We have witnessed many Wedge patterns in the last days, and here is yet another one, on the EUR\USD FOREX Pair. The Wedge is a reversal chart pattern, signaling the reversal of trend into Bearish. This trade is very similar to the last explained trade from the EUR\JPY(here). In both trades Fibonacci Retracement level confirmed the Wedge and allowed us to enter in a profitable entry point.

In this trade the Fibonacci level is 50%, meaning that buyers are stronger than in the EUR\JPY trade.
Also note that the Range Oscillator is highly overbought, signaling a potential reversal of trend.

Trading
Short trade will be executed after price re-touches the 50% retracement.