The Pair has formed Double Top at the high. Double Top is a reversal pattern, a breakout on the downside would be an opportunity to enter short in the currency. The Pair is trading below the short and long EMA indicating negative trend; as per EMA studies price trading below the EMA's is one of the best trading strategies in trending markets, as the pair closes below the support selling can be done in the pair. A crossover is also seen in the EMA indicating a negative trend.

As per the height of the Pattern we can expect the pair to correct 6 points from the breakout level which lead to 98 with a sl of 2% above the support.

Advice : Sell if the pair closes below the support.

Double Top

Nov 15 2022