In the meantime, it was spotted that there are no close by significant sell order clusters.
Daily Candle Chart
On the daily candle chart, the rate is squeezed in between the 55 and 100-day simple moving averages.
In the meantime, the 200-day SMA was strengthening the monthly S1 simple pivot point and the buy orders at 1.5000/1.4900.
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 October 14.
In general, there is a large amount of buy orders below the current exchange rate and a lack of sell orders above the rate.
A cluster of buy orders is located at 1.5000/1.4900.
In the meantime, there are minor clusters of sell orders at 1.5700, 1.6500, 1.7000 and 1.7500.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
The rate is expected to fluctuate sideways until a break out occurs due to an increase of liquidity in the market.
A break out to the upside was more likely, as buy orders clearly dominated on October 14.