This week, on Tuesday, Dukascoin was consolidating its gains, as traders were taking profits from the surge.
In regards to the near term future, it was expected that the rate would search for support to resume the surge. This scenario already occurred at the start of November, when the 1.1000 high level was reached and followed by a decline.
Daily Candle Chart
On the daily candle chart, it can be observed that the rate might find support in the 1.12-1.13 zone. There it has the support of a buy order cluster at 1.1200, R2 of the monthly pivot points at 1.1300 and an ascending trend line of the surge that has been occurring since November.
In the meantime, on the chart the rate has the resistance of the weekly pivot point at 1.2433 and the monthly R3 pivot point at 1.3100.
Market Depth
By looking at the market depth data, clusters of resistance and support can be observed. In general, there is a large amount of buy orders located below the pair's current level.
The most close by and second largest cluster of buy orders is located at 1.1200 level. Below this level, there are smaller build ups of buy orders at 1.1000, 1.0500, and 1.0300.
The largest buy order amount is at 1.0100. It is highly unlikely that a decline of the rate would pass this cluster.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
In the meantime, there are no notable sell order levels facing the pair. There are minor clusters of ask orders at 1.3900 and 1.4500.
Future outlook
In regards to the future, the rate's most likely scenario is a rebound from the 1.12-1.13 zone.
At that zone the rate should find support in the R2 of the simple monthly pivot points, an ascending trend line and a cluster of buy orders.
The support levels should cause a surge, which would have no resistance in the form of technical levels and sell orders as high as the weekly pivot point at 1.2433.
Afterwards, the rate could test the monthly R3 at 1.3100 and the resistances near 1.4000.
On the other hand, a fundamental strengthening of the Euro could cause a decline. In that case, the rate would look for support at 1.1000. At that level the weekly S1 pivot point and a minor buy order cluster are located at.