Meanwhile, in regards to the near term future, pay attention to the changes in the market orders. It can be spotted that there no longer is a cluster of buy orders at 1.2500. In addition, sell orders have been moved lower.
Daily Candle Chart
On the daily candle chart, it can be observed that the rate trades far below the daily simple moving averages. It is a signal that the rate is oversold.
However, despite the pair being oversold, the rate's attempts to surge at the start of April were stopped by the technical resistance of the 200-day SMA. In the future, the SMA was expected to strengthen the resistance of the 1.4000/1.4500 area.
Market Depth
Before looking at the market depth data visualized on the chart above, take into account that the large amount of buy orders that were located at 1.2500 and 1.1100 were gone. Instead, there were orders to buy 500 coins at 1.2500, 1.1500 and 1.1000.
Meanwhile, there were still orders to buy more than 50,000 coins at 1.0000.
In regards to sell orders, the most notable sell order cluster was located at 1.3400. Near that level almost 1000 coins could be sold.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, the rate is expected to continue to trade sideways, as the rate was squeezed in between the 1.3000 and 1.3400 levels.
In the case of the rate ending sideways trading, it is more likely to decline instead of surging. That is assumed due to the rate having no close by technical support levels or large clusters of buy orders.