The analysis of high-frequency trading algorithms this morning in the Fx market shows that the EURUSD pair is consolidating sideways after last week's highly volatile gyrations.
The pair is currently moving between the two nearest HFT zones for today's session which are located at the following levels:
- light HFT buying pressure zone at 1.1831 and below
- the light HFT selling pressure zone at 1.1908 and above
Fx traders will be looking for a reversal setup at one of these zones to give rise to a potentially profitable trading opportunity. With the trend on short-term timeframes being clearly bearish now, traders are likely to favor short positions over long ones.