However, on Wednesday, the rate was reached by the 55-day simple moving average, which could provide technical support.
Daily Candle Chart
As previously forecast, the 55-day simple moving average has reached the rate. It could provide technical support and push the rate up. Due to that reason, it has to be watched closely during this week.
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 February 10.
In regards to support, starting from 3.5000 there were orders to buy 100 coins at each price level. It appears that a large market player had set up orders to take advantage of a dip by buying up more coins.
Opposite to that, more than 100 coins could be sold at 3.6000/3.6100, 3.6500/3.7000 and 3.7700/3.7800.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
The DUK+/EUR currency exchange rate could be pushed up by the 55-day simple moving average. However, on its way up the rate is bound to test the resistance of the set up sell orders at 3.6000, 3.6500 and 3.7700.
In the case of the 3.7700 level being passed, the rate would reach for the 4.0000 mark, which proved in January that it can provide both psychological support and resistance. Namely, traders are expected to make decisions at the round exchange rate level.
If the SMA fails to push the rate up, it is unlikely that the rate would decline below the 3.5000 mark due to the set up buy orders.