However, in the aftermath of the surge, the rate met with resistance and began a decline, which could look for support in technical levels.
Daily Candle Chart
On the technical daily candle chart, the rate's surge was reversed by the 200-day simple moving average and the monthly R1 simple moving average at the 1.0670 level.
Meanwhile, the rate is being supported by the 55-day simple moving average at 1.5200 and the monthly simple pivot point at 1.5030. These levels provided support from July 6 up to the start of the surge on July 13.
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 21.
Notable sell orders are located at 1.5900, 1.6400, where more than 500 coins could be sold. In the meantime, the 1.6900 level has orders for more than thousand coins to be sold.
In regards to buy orders, the closest by cluster of buy orders was located at the 1.4500 mark. At that level, 710 coins would be bought.
Meanwhile, more than one thousand coins could be bought at 1.3900.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In future, the rate was expected to retreat to the support of the 55-day simple moving average at 1.5200 and the monthly pivot point at 1.5030. The combination of these levels could cause another surge and test of the resistances that surround the 1.6000 level.
On the other hand, if the two described support levels fail, the rate would retreat to the 100-day SMA and the buy orders at 1.4500.