Parallel Channel downside breakout is seen in the pair, a retracement is expected in the pair. Retracement is expected to halt near the trendline; an negative candle near or at the trend line would be a confirmation to go short.

If the pair closes above the upper trendline a failure can be seen in pattern and a long position can be taken after a breakout on the upside, Failure move is more intense than a breakout move.

Currently the pair is trading below the EMA indicating a negative trend. Wait for the price to retrace towards the pattern.

Pair To Watch

Sep 16 2022