The pair makes every day higher highs, and what has been told is the constant purchasing of US dollar and the central bank inability to stop the flow.
However, it is not a new story, and we can see on the chart (where RED arrow), we can indeed correct sharply. The RSIs were very extreme, and currently across the board, the daily, weekly and monthly chart are at overbought levels that are out of this world.
I have been looking at this for a long time, and anything with a level of RSI near 90.0 or higher, will correct extreme as well.
The correction should go at a minimum to 14.60 GANN support and when broken we visit 10.00 again as well, which may look very unlikely. It depends to how the government will act from now on. Those on the ground will have a better view on that.
However, it is not a new story, and we can see on the chart (where RED arrow), we can indeed correct sharply. The RSIs were very extreme, and currently across the board, the daily, weekly and monthly chart are at overbought levels that are out of this world.
I have been looking at this for a long time, and anything with a level of RSI near 90.0 or higher, will correct extreme as well.
The correction should go at a minimum to 14.60 GANN support and when broken we visit 10.00 again as well, which may look very unlikely. It depends to how the government will act from now on. Those on the ground will have a better view on that.