On July 6, the rate's decline had reached the 1.5200 mark and had no support as low as the 1.5000.
Daily Candle Chart
On the technical daily candle chart, it can be observed that the 200-day SMA has almost reached the 1.6000 level, where it would strengthen the resistance of a monthly R1 simple pivot point.
In the meantime, the pair is being approached by the 55-day SMA, which caused a surge in late May. On Monday, the simple moving average was located at 1.4760 and was expected to reach the 1.5000 mark by the end of the week. At that level, it would strengthen the weekly simple pivot point.
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 July 6.
Notable sell orders are located at 1.5400, 1.5700 and 1.5900. More than 350 coins could be sold at 1.5400 and 1.5700. In the meantime, there are orders to sell 1,300 coins at 1.5900.
In regards to buy orders, notable order amounts start at 1.4800, where there are orders to buy 300 coins. In the meantime, there are orders to buy almost 800 coins at 1.4500.
Meanwhile, more than one thousand coins could be bought at 1.3900.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the pair was expected to reach for the 1.5000 mark, as no support or notable buy orders were located close by. At the 1.5000 the rate would pause. The longer term future would be then based upon what happens at this exchange rate level.
If the 1.5000 would provide enough support for a surge to start, the rate would then aim at the 1.5900/1.6100 zone. However, as the pair would surge, most likely it would be slowed down by the sell orders at 1.5400 and 1.5700.
On the other hand, a failure of the 1.5000 to hold, could result in the rate declining down to the buy orders at 1.4500.