The pair is extremely overbought…trading above 8/8 Murrey Line. However, the RSI shows room for rally.
Hence, a daily close above 1.1285 (recent high) would open doors for a rally to 1.1366-1.14 levels.
On the other hand, a break below 1.1166 would add credence to the turn lower from the overbought line and could yield a sell-off to 1.10 levels.
Hence, a daily close above 1.1285 (recent high) would open doors for a rally to 1.1366-1.14 levels.
On the other hand, a break below 1.1166 would add credence to the turn lower from the overbought line and could yield a sell-off to 1.10 levels.