As we can see in this chart, a test of the the trendline which I previously theorised could be used as a resistance level formed, resulting in a following volatile test of the upper resistance zone. However, I did not enter this trade due to the lack of any bullish candlestick patterns or a substantial enough test of the area between the 1st and 2nd standard deviations of the double bollinger bands visible. What can be concluded from this test however, is that the resistance zone visible is still viable with four visible tests in recent days.
In addition to this, the support zone was tested (a previous strong level of resistance) with the candle closing at 14:30, 5th April.
This resulted in an inside candle being formed in the 15m period following, which in turn resulted in a bullish breakout.
With this data available, I will be looking for range trades with this currency pair in the near future.
In addition to this, the support zone was tested (a previous strong level of resistance) with the candle closing at 14:30, 5th April.
This resulted in an inside candle being formed in the 15m period following, which in turn resulted in a bullish breakout.
With this data available, I will be looking for range trades with this currency pair in the near future.