The Currency Pair is making Higher lows and Lower Highs forming a symmetric triangle, A symmetric triangle breakouts at lower level has been more favorable than upside.

Currently the pair is trading near Fast and Slow EMA. For a breakout the pair has to close above/below the falling/rising trendline. After the breakout a position can be entered in the pair in the upside/downside direction. For confirming the move the pair has to trade above Fast /Slow EMA.

The RSI is also forming a symetric pattern. If the price breaks above/below the trendline the same needs to be followed by RSI. If not, divergence would suggest not to enter in the same direction and wait for the confirmation.

Currently DI- is trading above DI+ which is indicating negative move and ADX is trading above DI+ indicating strength in the direction.

Symmetric Triangle Pattern (Expected Downside Breakout)

Mar 03 2023