DUK+/EUR stands at critical level

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The analysis of Dukascoin is a combination of technical and fundamental analysis. Namely, the daily candle chart and market depth are analysed to look for support and resistance levels.
Daily Candle Chart
© Dukascopy Bank SA

By looking at the daily candle chart, one first spots that the 0.7300 level acted as support in August. Moreover, that level's support was strong enough to cause the surge, which pierced the 0.9500 level.

Although in the second part of August, that surge was slowed down by resistance at 0.8400. In addition this level provided support at the end of July. Due to that reason it is also marked on the chart.

Meanwhile, the 1.0000 level slowed down the rate's surges in July. It is assumed that the round level is providing psychological resistance.
Market Depth
© Dukascopy Bank SA

In the meantime, if one looks at the market depth statistics published at dukascoin.com, it can be seen that those levels most likely will continue to be significant.

Namely, bids are concentrated at 0.7300. More buy orders are only located at 0.6400, which was added to the chart as a support level. However, it has not shown its significance in the past.

Another notable fact is that there is a slight concentration of sell orders at 0.8400. This information strengthens the assumption that the rate would face resistance at that level.
© Dukascopy Bank SA

In regards to the 1.0000 level, scrolling down the market depth reveals that there is a cluster of sell orders at that level. Due to that reason it can be assumed that a short term surge would not reach above this level.

Future outlook

Recently, the rate paused a decline at the 0.7300 level, indicating that it is at a critical level. From that level the rate has two possible future scenarios.

If the support of the 0.7300 is passed, the DUK+/EUR rate could decline down to 0.6400.

On the other hand, it is more likely that the exchange rate would bounce off the support level and test the 0.8400 level.

The breaking of the 0.8400 level could result in a surge up to the 1.0000 level.

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