The Pair has formed a Pennant. Pennant is a continuous pattern

The Index is trending downside and a retracement is seen on the upside forming a pennant. A breakout will be an opportunity to enter in the pair.

The pair closing below /above the trendline would be an opportunity to enter sell/buy in the pair

Breakout can be in any direction if it's upside it would be a reversal  pattern and if the breakout is on the downside it will be a continuous pattern.

RSI is following the price, during breakout RSI following the price and ADX trading above 20 wpuld be an good setup to enter.

Pennant

Feb 11 2023