Moreover, the pair had no support as low as the 200-day SMA at the 1.3650 level. In theory, this exchange level could be reached in the near term future.
Daily Candle Chart
On the daily candle chart, the decline could have been spotted on Friday. On that day, the flat trading ended, as the rate declined below the 100-day simple moving average. The pair then started testing the buy order cluster at 1.7000. On Saturday, that cluster was passed, signalling that the decline is bound to continue.
By the middle of Monday's March 30 GMT trading hours, the rate had passed the support of the simple monthly S1 and S2 pivot points at 1.6700 and 1.5300. In the near term future, the exchange rate was expected to test the 200-day SMA at 1.3650 and the monthly S3 pivot point at 1.3400.
Market Depth
As the pair is declining, first take a look at the buy order clusters. The closest by notable buy orders cluster was at 1.3100. At that level there were orders to buy 700 coins.
Below it, a minor concentration of orders was at 1.2500 where 120 Dukascoin would be bought.
In regards to sell orders, there were orders to sell 275 and 250 coins at 1.7000 and 1.7100.
In the meantime, there were a total of 1260 coins set to be sold at 1.8400 and 1.8500.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, the pair was heading to the support of the 200-day SMA at 1.3650, the monthly S3 simple pivot point at 1.3400 and the buy order cluster at 1.3100.
Most likely, after a sharp drop, the rate would consolidate at the support levels by trading sideways above them.
Afterwards, the rate would either surge or decline. In the case of a surge, it would first test the resistance of the monthly S2 at 1.5300 and afterwards the resistance levels from 1.6700 to 1.7100. On the other hand, in the case of a decline, the rate would first test the 1.2500 level and after that decline to the 1.0000 level.