Previously, the bulls have won the last couple battles pushing hundreds of pips against the trend. Price is nearing 2 forms of structure, one being the top of the down trending channel and the other being previous resistance. We will have to wait and see how price reacts to these structures to take out next position or close out current longs. Regards of the winner i could see 2 possible scenarios. A break and retest to continue a bullish victories, or reinforcements arrive for the bears and we get a rejection similiar to the one that happened last time price met this trendline.
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