In the near term future, the rate could consolidate by trading sideways or decline, as there were no close by buy order clusters.
Daily Candle Chart
On the daily candle chart the pair has left below it the daily simple moving averages, which are all located near the 1.5200 level.
In the meantime, the rate has moved above all of the monthly simple pivot points, as the monthly R3 pivot point was located at 1.5600 level. Note that this technical level provided support to the rate on Monday, September 14.
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 September 14.
The most close by notable cluster of trade orders was the sell order cluster at 1.5700/1.6000. Namely, at 1.5700 starts a cluster of sell orders that is spread out up to the 1.6000 level. At each exchange rate level from 1.5700 to 1.6000 at least 200 coins could get sold.
In the meantime, a large cluster of buy orders was located from 1.5100 to 1.4900. In this range, there were orders to buy almost 3,000 DUK+.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the pair has two likely scenarios. A scenario of sideways trading and one of a decline.
If the DUK+/EUR rate trades sideways, it would remain in the range between 1.5500 and 1.5700. This range is indicated by the sell orders at 1.5700 and by the fact that the 1.5500 level provided both resistance and support throughout the previous week.
On the other hand, the 1.5500 could fail to keep the rate up. In this case, the rate could aim for the simple moving averages near 1.5200 and the buy order cluster that starts at 1.5100.