Daily Candle Chart
On the technical daily candle chart, the daily simple moving averages have approached one another, as the rate had traded flat. In theory, they indicate that a squeeze of the rate could occur. Usually, squeezes end in a break out in the form of a sharp move up or down.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Dukascopy Analytics has visualized the data by marking the buy and sell order levels on the chart. Below, one can observe the market orders on September 1.
Nearly 2000 coins could be sold at 1.5200. In the meantime, there are notable sell orders at 1.6000. Up to that level, a couple minor sell order cluster are spread out.
In regards to buy orders, the closest by cluster of buy orders was located at the 1.4200 mark. At that level, 922 coins would be bought.
Meanwhile, other relevant price levels are 1.4100, 1.3900, 1.3400 and 1.3200.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
The rate is most likely going to either remain flat or decline. In the case of a decline, the pair could aim at the support of the closest by buy orders at 1.4200.