By the middle of October 26 trading, the rate had retreated back to the 1.5500 level.
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.
In the meantime, the rate has not tested the resistance and support of monthly simple pivot points. The closest by pivot points were located at 1.4900 and 1.7200.
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 26.
In general, pending orders have not changed since October 19. Orders are spread out and notable clusters of buy or sell orders are still located far away from the exchange rate.
The most close by notable buy order cluster was at 1.4600. At that level, almost 1,000.00 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.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
Previous forecast remains intact for a third week in row, 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 again stop at 1.7000, where the sell orders would be executed.
On the other hand, if a sell off starts, it should reach the 1.4600 mark, where buy orders are located at.