With the exception of one spike up on January 14, the DUK+/EUR currency exchange rate has continued to fluctuate almost flat.
Namely, the rate has been trading in the range between the 4.0000 and 4.2500 levels. Meanwhile, the spike had shortly reached above the 4.5000 level.
Daily Candle Chart
On the daily candle chart, one needs to zoom out to spot that the daily simple moving averages were left far below the rate. Namely, the 55, 100 and 200-day simple moving averages were located, respectively, at 3.0400, 2.2400 and 1.9900.
If the rate continues to be flat, and the SMAs continue to approach the rate at the current angle, the 55-day SMA could reach the pair by the middle of February.
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 January 25.
Only level close by that has orders to buy or sell more than 100 coins was the buy order cluster at 3.7700. At that level, 156 coins should be bought.
Meanwhile, there are very minor sell order clusters at 4.0500, 4.1000, 4.2000, and 4.3000. A rate's surge could slow down at these levels.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
For the rate to surge potential buyers should take the other side of the sell orders that are located above the exchange rate.
In the meantime, the rate could decline due to the lack of close by buy orders.