This week, on Monday, the DUK+/EUR rate had retreated and found support in an ascending trend line at 1.2000.
In regards to the near term future, the pair was expected to once more make an attempt to pass the 1.3900 level.
Daily Candle Chart
On the daily candle chart, the rate is set to face weekly and monthly pivot points at 1.2800 and 1.3100. If these levels get passed, there is no technical resistance to the pair as high as 1.4100.
In the meantime, the rate is being supported by an ascending trend line, which can be drawn by connecting the October and November low levels.
Market Depth
By looking at the market depth data, clusters of resistance and support can be observed.
The pair has the support of buy order clusters at 1.1600, 1.1400 and 1.1000. The 1.1000 level has such a large concentration of orders that it is unlikely that the rate could decline below it.
In the meantime, there was only one notable sell order level. Traders and investors had set their sell orders at 1.4200.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, testing of the pivot points at 1.2800 and 1.3100 is expected.
If these levels fail to provide resistance to the pair, the rate should surge up to the 1.4100 level, where the weekly R1 of the simple pivot points is located at.
On the other hand, the rate might fluctuate sideways until the support of the ascending trend line pushes it higher next week.