The pair has formed Descending triangle. Descending Breakout on the upside has a higher success ratio compared to the downside.

The price has taken support at Fast and Slow EMA indicating strong support at current level. Price breakout on the upside with a Fast and Slow EMA trading upside will be a strong confirmation to enter long and vice-versa for short.

RSI is also forming descending pattern a breakout in price followed by RSI would be a strong confirmation to enter the trade.

DI+ is trading above DI- with ADX trading near DI- for the move to strengthen the ADX has to trade above DI- if the price breaks above and if the price breaks downside the ADX should trade above DI+

Advice : Trade as per Breakout expecting breakout upside.

Descending Triangle

Mar 05 2023