The analysis suggests that the pair is currently forming a rising parallel channel. It's important to note that a breakout on the downside of a rising channel tends to have a higher success ratio, with a failure rate of less than 15%. A breakout on the upside or downside can present market entry opportunities.

Here are the conditions for taking a long position:

If the security closes above the parallel channel on a Daily time frame, with the RSI (Relative Strength Index) above 54 (excluding cases where RSI is above 80), and the security is trading above the EMA (Exponential Moving Average).

On the other hand, the conditions for taking a short position are as follows:

If the security closes below the parallel channel on a 30-minute time frame, with the RSI below 40 (excluding cases where RSI is below 20), the security trades below the EMA.

Rising Parallel Channel

Feb 28 2024