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Predicting market peaks and turning points is always a challenging task, made even more daunting when a financial asset is achieving unprecedented highs without any clear resistance or sell-off zones to reference. This challenge is even more pronounced when this situation occurs with a forex pair, as is currently happening. This is a true test of your trading experience and your ability to interpret price action.

Let's dive in, shall we?

When we take a look at the long-term timeframes, especially the monthly charts, we can easily observe an overextension. This overextension is also apparent in the weekly charts shown above, with clear signs of buying fatigue and a visible struggle between buyers and sellers. This struggle is evident in the last weekly candle where sellers managed to drive the price down to 159 (the previous all-time high) - a newly established weekly buy zone, from which buyers have managed to push the price back up.

A closer look at the daily charts (refer to the image below) reveals a structural shift with price activity moving sideways, suggesting a potential shift into a distribution phase, indicated by the lackluster buying momentum from the 159-point surge last week, as buyers were unable to establish a new high.