Fx high frequency trading algorithms today indicate that the EURUSD pair may be reaching oversold levels and may be due for a correction.
The steady sell-off in today's session has taken EURUSD through the light HFT buying pressure zone and has now reached the medium HFT buying pressure zone.
Both HFT zones indicate an increased probability of more buyers entering the market and, therefore, potentially fueling a reversal.
The light and medium HFT buying pressure zones are located at 1.1798 and below, and at 1.1763 and below, respectively.
On the other hand, the light HFT selling pressure zone to the upside is at more distant levels today, noted at 1.1833 and above.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)