We are analyzing the activity of HFT Forex algorithms this morning and note that the EURUSD pair may soon revert lower toward today' trading range.
Namely, EURUSD reached the light HFT selling pressure zone earlier in the morning that is located today at 1.1787 and above. The bullish attempt was swiftly rejected there and pushed the price back below the HFT sell zone and in the daily range. However, the bulls are making another attempt now and it remains to be seen whether the bulls or the bears win this battle.
It seems unlikely that the bulls will be able to survive another strong rejection here at the HFT sell zone. So, potentially another swift push back here could finally turn the dynamic to bearish.
The light HFT buying pressure zone is noted today at 1.1755 and below, which is an area that will attract buyers if/when reached. The bears will also use this area as a target zone if EURUSD starts falling today.