The price has been hovering around 0.914 for 44 days. During the fluctuation days, the range has become smaller and milder. Then the price line has become the pattern we see now. Although this pattern looks more like a pennant, the upper edge looks flatter than the lower edge, which is more like a rising triangle. So, is this a pennant or a rising triangle?
Actually, either a pennant or a rising triangle shows the same result here for this situation. As we know, the pennant is a breakout signal; the breakout direction depends on the previous trend. Before the pennant, the price was going up in a steeper slope, which means if the pattern is a pennant, the breakout direction of this pennant would be upward. On the other hand, if the pattern is a rising triangle, the price would also break up. Now, the price line twists with the Ichimoku cloud, Bollinger Bands shrinks, which are also breakout signals.
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