Bulls showed today incredible determination and growth took place without prior local correction. This is already the sixth day of gains in a row and it does not seem that the demand side, was able to keep the pace of growth without local correction. A currency pair is heavily subscribed, while the RSI above 70, increases the risk of progress in further increases. With every moment of chances for initiating the supply side correction. Therefore, we should see counterattack supply side, which can lead to declines toward support levels 1.1411 and 1,1458-61. Then, after the correction should be the next wave of growth towards recent highs 1.1495 and 1.1533. If they overcome the demand side will have an open path towards higher price levels. In turn will be the levels 1.1600, followed by 1.1621 and 1.1714 (highs from the end of August).
Alternate version assumes further increases without the mentioned correction, but at the moment it seems to be unlikely.
Alternate version assumes further increases without the mentioned correction, but at the moment it seems to be unlikely.