Meanwhile, the online chart has been updated with the resistance and support levels that are observed by looking at the bid and ask order statistics at dukascoin.com.
Daily Candle Chart
Since Friday, on the daily candle chart the DUK+/EUR rate was testing resistance levels that are located from 0.75 to 0.86 levels. By the middle of Monday's GMT hours, the rate no longer made declines below the 0.7500 mark, as at that level there was a massive concentration of buy orders.
Note that a descending channel pattern has been added to the chart. It is drawn by using for reference the August and September low levels and setting a parallel line at the August high. The pattern captures the price action that occurred after the July jump of the rate.
Market Depth
If one looks at the market depth statistics published at dukascoin.com, first thing that immediately is seen is the fact that the rate has massive support provided by bid orders at 0.7500. It is highly unlikely that the rate could decline below this level.
© Dukascopy Bank SA
© Dukascopy Bank SA
Meanwhile, the rate had two noteworthy resistance levels provided by the orders. At 0.9000 and 0.9400 there were clusters of ask orders.
Meanwhile, the 1.00 level had the most orders. It is unlikely that a surge of the pair would reach above this level.
Future outlook
The DUK+/EUR rate is expected to test the resistance levels from 0.8400 to 0.8667. The zone of resistance consists of the 100-day simple moving average, monthly pivot point, weekly first resistance of the simple pivot points and the upper trend line of the above described channel down pattern.
If these levels are broken, the rate would surge up to the 0.9000 level, where a cluster of ask orders was located at. In addition, with the passing of these levels the downtrend would end, as the channel pattern would be broken.
On the other hand, the pair has experienced a sharp surge, which should be followed by sideways trading.
Meanwhile, a decline is highly unlikely due to the strong support provided by the buy orders at the 0.7500 mark.