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We are analysing high frequency Fx trading algorithms today and note that the EURUSD pair is rising and has reached the light HFT selling pressure zone that is found at 1.163 and above.
The bullish move has now stopped here but is not fully reversed yet. There are some early bearish signs on the hourly chart, like the engulfing candle and the bearish divergence as identified by our advanced FxTR Divergence indicator, however, these are not fully confirmed signals to enter short at this stage.
Traders will keep watching the downside, and a move below 1.1630 and outside of the HFT sell zone may mean that EURUSD has topped here.
The light HFT buying pressure zone is located today at 1.158 and below.
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