Namely, the rate has been trading in the range between the 4.0000 and 4.2500 levels. Meanwhile, the spike had shortly reached above the 4.5000 level.
In the meantime, it was spotted that the buy and sell order clusters had not moved. However, their sizes have changed significantly.
Daily Candle Chart
On the daily candle chart, one needs to zoom out to spot that the daily simple moving averages were left far below the rate. Namely, the 55, 100 and 200-day simple moving averages were located, respectively, at 2.7460, 2.2420 and 1.8980.
If the rate continues to be flat, and the SMAs continue to approach the rate at the current angle, the 55-day SMA could reach the pair by the middle of February.
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 January 18.
There is a large cluster of buy orders located at 3.9900. At this level, more than one thousand coins should be bought up by Dukascoin bulls.
Meanwhile, noteworthy sell orders are located at 4.2500 and 4.3000. At these levels, 130 and 150 coins could be sold.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, there are two likely scenarios for the DUK+/EUR exchange rate.
In the first case scenario, the pair would trade sideways just above the 3.9900 level, where the major amount of buy orders was located at.
On the other hand, the pair could surge, if buyers appear and starting taking the other side of the sell orders that are located up to the 4.2500 level.
Meanwhile, a decline appears to be unlikely, as bears would have to pass through the mentioned buy orders at 3.9900. To do so the bears would have to sell at least 1050 coins.