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The activity of high-frequency Fx trading algorithms today shows that the EURUSD pair may have reached a peak. The pair was rallying in recent days and extended the move today as well.
However, the rally stopped at the light HFT selling pressure zone - located today at 1.2075 and above - and EURUSD was pushed down.
The pair is now meandering around the 1.2050 round number level, which seems to be acting as an intraday support zone. A decisive move below it can open greater downside potential. EURUSD bears may aim at the light HFT buying pressure zone as a potential target, which is located at 1.1970 and below.
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