On March 3, the pair was expected to decline to the cluster of the buy orders that was located near 1.7000 mark.
Daily Candle Chart
On the daily candle chart, it can be observed that the 55-day SMA was affecting the pair's movements for five days straight before failing. Afterwards, the pair traded sideways until it began a decline.
Meanwhile, the pair was being approached by the 100-day simple moving average, which on Tuesday was located near the 1.6200 level.
Market Depth
The market depth data gives guidance, as the buy and sell order clusters shown on the chart and data tables can be used for creating a trading strategy.
It could be observed, that above the 2.0600 mark at each price level there were orders to sell at least 200 Dukascoin.
Meanwhile, below the 2.0600 mark, there were two notable price levels, where sell orders were located at. On Tuesday, March 3, there were orders to sell 583.47 coins at the 2.0000 level and 200.60 DUK+ could be sold at the 2.0200 mark.
In the meantime, at the 1.7000 there is a major cluster of buy orders, as 1223.39 DUK+ would be bought up, if the price for the coin would reach this level.
Moreover, the buying would start at the 1.7100 level, where 273.20 coins might get bought.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the near term future, the pair is expected to test the support of the 1.7000 mark. If this level manages to hold, the rate would start a surge. A potential surge most likely could test the resistance of the 55-day SMA near 1.9000.
On the other hand, in the case of the buying at the 1.7000 mark not causing surge, the rate should decline to the 100-day simple moving average near the 1.6200 level.