DUK+/EUR retreats below 4.0000

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The DUK+/EUR currency exchange rate has declined to trade above the 3.5000 mark. It reached this level by gradually declining from trading flat for two weeks near the 4.0000 mark.

In the meantime, pending trade orders had changed significantly.

Daily Candle Chart


The most notable fact to note on the daily candle chart was that the rate was being approached by the support of the 55-day simple moving average. The SMA has continued to move higher at the previous angle. However, due to the rate declining, the rate is much closer to the SMA.

Most likely, the SMA would reach the rate by the start of the next week.

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 February 02.

In regards to support, the most close by were the buy order at 3.5000 and 3.4900. Combined at these level, there were orders to buy more than 300 coins.

In the meantime, there were orders to buy more than 400 coins at 3.4500. In addition, note that someone has set up 100 buy orders at each level from 3.5000 to 3.0000.

Opposite to that, the most close by noteworthy sell order cluster was at 3.8600. At that level, more than 550 coins should be sold.
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Future outlook
The DUK+/EUR currency exchange rate is most likely set to fluctuate between 3.5000 and 3.8600 until one of these levels is broken.

In the case of the 3.8600 level being passed, the rate would reach for the late January high level of 4.2000.

On the other hand, a potential decline might look for support in the 55, 100 and 200- day simple moving averages, which on February 2 were located, respectively, at 3.3200, 2.5900 and 2.0800. Note that the SMAs are slowly moving higher.
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