In the meantime, by large the situation remained unchanged, as buy and sell orders dictated the rules.
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 1.5400.
Meanwhile, the 200-day SMA was located at the 1.5000 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 28.
The most close by notable cluster of trade orders was the sell order cluster at 1.6600/1.6700. There are orders to sell more than 4000 coins at these levels.
Meanwhile, the most close by buy order cluster was at 1.5800. At this level, there were orders to buy 1400 coins.
Additionally, a large amount of buy orders was located at 1.5500/1.5300.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
The rate is bound to continue to test the resistance provided by the sell order cluster at 1.6600/1.6700.
If the sellers get greedier and buyers give up, then the rate would start a surge, which could reach for the 1.7000 level or gradually ascend, as sell orders are moved higher.
On the other hand, there are no buy orders as low as 1.5800. It indicates that the pair could retrace back down, if a part of sellers decide to take this price.