However, at that level there was a concentration of sell orders, which was slowing down the assets attempts to surge.
Daily Candle Chart
On the daily candle chart, the DUK+/EUR pair has the support of the 55-day simple moving average, which was approaching the cluster of technical support levels that were located near 1.1000.
In the meantime, take into account that at 1.3533 and at 1.3866 monthly and weekly simple pivot points were providing resistance.
Market Depth
By looking at the market depth data, clusters of resistance and support can be observed.
Sell orders were concentrated at 1.3000, 1.3500 and 1.4000 levels. Traders had used round levels to set up orders.
In the meantime, buy orders below the rate were more spread out. Minor concentrations of orders were at 1.0500 and 1.1500. A medium sized order cluster was at 1.1100.
Meanwhile, a massive concentration of buy orders was at 1.0000.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, the rate is bound to test the 1.3000 resistance. If this level fails to keep the rate down, the 1.3500 level would be tested next. In the case of the 1.3500 being passed, the 1.4000 would be next.
On the other hand, the rate had sharply surged during the weekend. Due to that reason it could consolidate by trading sideways or retracing slightly downwards.
As the rate trades sideways, it would get approached by the 55-day SMA, which would provide the needed support for the pair to push through the round levels with sell orders.