EURCAD - I posted this chart a while back. Price has been testing long term channel support.
This is a huge channel forming all the way back in 2012.
We can see.....
1) Test of support rejected. Long lower wicks, close above.
2) Price breaks below support. Bulls are able to push price back above channel support, but can't hold it.
3) Price back below support, retesting resistance.
It's taken a while for this to play out, but if bears can hold price below channel support, it could attract a wave of sellers to step in.
I will post a long term chart of the channel in the comments.
This is a huge channel forming all the way back in 2012.
We can see.....
1) Test of support rejected. Long lower wicks, close above.
2) Price breaks below support. Bulls are able to push price back above channel support, but can't hold it.
3) Price back below support, retesting resistance.
It's taken a while for this to play out, but if bears can hold price below channel support, it could attract a wave of sellers to step in.
I will post a long term chart of the channel in the comments.
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