In the meantime, on Monday, it was spotted that there are no close by significant buy order clusters.
Daily Candle Chart
On the daily candle chart, the rate appears to be finding support in the round exchange rate level of 1.6500.
In the meantime, additional support could be provided by the approaching 55 and 100-day simple moving averages, which on October 5 were located at 1.5690 and 1.5510.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Dukascopy Analytics has visualized the data by marking the buy and sell order levels on the chart. Below, one can observe the market orders on October 5.
First of all note that sell orders start immediately at 1.6600, where 400 coins could be sold. In the meantime, there are additional sell orders spread out from 1.6600 to 1.7500.
Meanwhile, there are no notable close by amounts of buy orders. The first notable large buy order cluster was located just at 1.5100.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate was expected to trade sideways between the sell orders at 1.6600 and the support of the 1.6500 level.
However, if volatility returns, it is more likely that it would do so in the form of a decline. This forecast is favoured due to the lack of close by buy order clusters and technical support levels.