The pair on a daily time frame has established a Rectangle Pattern, but a deficit is evident within this pattern, hinting at a potential downside breakout. Notably, prices are currently trading below both the Fast EMA 18 and the Slow EMA 45, signifying a bearish trend. Furthermore, the Fast EMA is in a descending trajectory, reinforcing the notion of a downtrend. This bearish sentiment is additionally supported by the momentum indicator MACD, as the MACD line has crossed the signal line from above to below, further underscoring the negative trend.

Opportunity Ahead

Oct 14 2023