My last short on EURUSD looks good already, and I am looking at a second probable short of another Euro pair. This setup is as beautiful as its potential reward.
A rising wedge formed on 4- hour time frame and price tightens it converging end which prompted impressions that a breakout may be on its way.
On 1-hour time frame, Fibonacci retracement –expansion cluster formed. This was marked out by drawing a Fibonacci retracement tool from swing “1” to swing “2”, and a Fibonacci expansion tool from swing 2 to swing 3 and then to swing 4. The resulting cluster is the region marked out by the green lines.
The fact that the cluster sit right next to the resistant side of the wedge strengthens my bias.
I intend to sell immediately a reversal bar forms at the confluence and set target at the red trend line support.
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