DUK+/EUR can move sharply

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Throughout the last week, the DUK+/EUR currency exchange rate retreated below the 55 and 100-day simple moving averages that were located at 1.5800 and 1.5600.

In the meantime, it was spotted this Monday that both buy and sell order clusters had moved away from the exchange rate. Due to that reason an influx of buying or selling could suddenly move the pair.

Daily Candle Chart


During the last couple of weeks it was spotted that the 55 and 100-day simple moving averages impact the rate in a quite peculiar way. Namely, they manage to provide both support and resistance.

However, they do not manage to cause reversals. The rate pauses at the SMAs for a couple of trading sessions and afterwards resumes trading.

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 19.

In general, pending order clusters are far away from the rate. Previously, the orders surrounded the rate and caused a lock in.

The most close by notable buy order cluster was at 1.4500. At that level, almost 1,500.00 coins could be bought.

Meanwhile, there are two sell order clusters that can be mentioned. There are orders to sell at 1.7000 and 1.7500.
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Future outlook
Previous forecast remains intact, as a couple of minor sell and buy deals occur. For the rate to make a sudden move, there should be an inflow of either buy or sell orders.

In the case of someone starting to buy up the pair, it would most likely stop at 1.7000, where the sell orders would be executed.

On the other hand, if a sell off starts, it should reach the 1.4500 mark, where buy orders are located at.
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