In the near term future, the rate was expected to trade sideways in a wide range.
Daily Candle Chart
On the daily candle chart the pair has left below it the daily simple moving averages. Namely, the 55 and 100-day SMAs continue to provide support at 1.5300. These levels stopped the rate's last week's decline.
Meanwhile, the 200-day SMA was located at the 1.5100 level.
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 21.
The most close by notable cluster of trade orders was the sell order cluster at 1.6400/1.6600.
There were more than 500 coin sell orders at 1.6400 and 1.6500 and more than 2000 coins should be sold at 1.6600.
In the meantime, a large amount of buy orders was located at 1.5400 and 1.5300.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
There are no technical levels or pending orders in the range from 1.5600 to 1.6400. It indicates that the pair can fluctuate in this range sideways. This is the most likely scenario.
In the meantime, the pivot points and simple moving averages were mostly located below the buy orders at 1.5400 and 1.5300 level. These technical levels were unlikely to impact the rate.
Due to that reason traders are bound to watch developments in the pending buy and sell orders for future direction clues.