In regards to the near term future, the pair was expected to remain in the 2.3000/2.4700 zone. The zone's borders were made up of notable buy and sell order clusters.
Daily Candle Chart
On the daily candle chart, as it was expected, the zone above the 2.0000 mark provided support. However, it was pierced during one trading session, during which the rate almost reached the daily simple moving averages.
Note that in the case of a sharp decline, the 55 and 100-day simple moving averages could provide. Although, for that to occur the SMAs either have to reach the 1.9500 mark or the rate needs to drop below the cluster of sell orders at that level.
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 December 29.
Most close by to the rate were the sell order clusters at 2.4700 and 2.5000. At those levels more than 200 coins could be sold.
In the meantime, there is a large concentration of sell orders surrounding the 2.6000 mark. More than 1,000 coins should be sold at this level.
Buy orders, on the contrary, were not located close by, as the only notable amount of orders was located at 2.3000. Almost 400 coins could be bought at this level.
Meanwhile, 1,000 coins should be bought at the already mentioned 1.9500 mark.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
The pair is expected to trade sideways between 2.4700 and 2.3000 until one of these clusters with pending trade orders is passed.
In the case of the resistance of the sell orders being passed, the rate should reach for the 2.6000 level, where a large cluster of sell orders was located at.
On the other hand, if the 2.3000 fails to provide support and is passed, the rate would first look for support in the previous high levels above the 2.0000 mark and afterwards the 1.9500 mark.