Price has been moving in a downtrend for the past few weeks and has tested the bearish trend line 3 times with strong rejections each time. However, price is starting to lose momentum in its down trend as price is failing to set new lows and we have just recently had a strong bullish reaction from a key H4 support level. Price has the possibility to reverse and give us a counter trend move and break through the bearish trendline and test the key level of resistance above it.
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