At the start of this week, it could be observed that the exchange rate was being pushed up by the SMA.
Daily Candle Chart
On the daily candle chart, it can be observed that despite the 55-day SMA being pierced on Saturday, February 22, the SMA provided the rate with support on Sunday and Monday.
In theory, the SMA should push the rate up and provide the needed support to possibly pass the resistance of the 2.0500 level, which kept the rate down in January and early February.
Market Depth
The market depth data gives guidance, as the buy and sell order clusters shown on the chart and data tables can be used for creating a trading strategy.
It could be observed on Monday, February 17, that above the 2.0700 mark at each price level there were orders to sell at least 200 Dukascoin.
Meanwhile, minor sell order clusters were located at 1.9200, 1.9400 and 2.0000. The rate could pause its surge at these levels, as the sell orders are executed.
However, there is only one notable buy order cluster. At the 1.7000 there is a major cluster of buy orders, as 1628.39 DUK+ would be bought up, if the price for the coin would reach this level.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the future, the rate is expected to be pushed up by the 55-day simple moving average. It should gradually push the pair through the minor sell order cluster until the rate reaches the 2.0500 level.
On the other hand, note that, if the SMA fails to provide support and push the rate up, the DUK+/EUR pair would have no other support as low as the 1.7000 buy order cluster.