Meanwhile, the 55-day simple moving average, failed to provide enough support to the rate to cause a surge. However, the SMA did manage to hold the rate up for one trading session.
Daily Candle Chart
What can be concluded from the technical chart is that the simple moving averages fail to impact the currency exchange rate. Namely, if the 55-day SMA failed to push the rate up, it is unlikely that the 100 and 200-day SMAs would do the same.
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 15.
In regards to support, starting from 3.5000 there were orders to buy 100 coins at each price level. It appears that a large market player had set up orders to take advantage of a dip by buying up more coins. These orders were spotted on February 10.
Opposite to that, more than 100 coins could be sold at 3.5600 and 3.6700.
Meanwhile, note that there are orders to sell more than 500 coins at 4.0000.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In general, a decline is unlikely due to the set up buy orders that are spread out below the currency exchange rate.
On the other side, a bullish move up would need to face the resistance of the sell orders at 3.5600 and 3.6700. Moreover, take into account that someone would need to buy more than 500 coins at 4.0000 for DUK+/EUR to move above this level.
Meanwhile, once can more or less ignore the 55-day SMA, as it failed to prove that it could impact the pair.