In regards to the future, it appears that future gains are possible in the aftermath of the ongoing retracement back down.
Daily Candle Chart
On the daily candle chart, the jump upwards occurred three trading sessions after the pair broke out of the borders of the symmetrical triangle pattern. The triangle represented the rate's decline in liquidity and volatility.
In the meantime, note that the exchange rate has reached a new all-time high level, as the previous level was the 2.0500.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Below, one can observe the market orders on December 15.
There are two notable levels that should be mentioned in regards to buy orders. Namely, there is a massive cluster of buy orders at 1.6500, where 3710 coins could be bought.
In the meantime, minor buy orders start at 1.8100, where 238 coins should be bought. In addition, below this level, as low as the 1.7200 mark, there are orders to purchase at least 100 coins.
In the meantime, notable sell orders are located at the previous high level of 2.2000. Namely, there are orders to sell more than 600 coins in total at 2.2000 and 2.2100.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate is expected to retrace to the support of the buy orders at 1.8100, from where it has two possible scenarios.
If the 1.8100 level manages to cause a recovery of the exchange rate, it could retest first the 2.0500 level and afterwards the 2.2000 mark.
On the other hand, if the 1.8100 level's support gets passed, the rate wold look for support first in the daily simple moving averages and afterwards the 1.6500 mark.