We are analyzing the activity of high frequency Fx trading algorithms this morning and note that the EURUSD pair is rangebound ahead of a potentially volatile trading session that features the ECB meeting.
The EURUSD pair has already reached the light HFT buying pressure zone, which is located today at 1.1583 and below. The price bounced there and EURUSD returned in its daily range.
Traders will be looking for potential setups at and around the time of the European Central Bank meeting later today, either from the bullish or bearish side, depending on whether the ECB is hawkish or dovish.
The light HFT selling pressure zone is located today at 1.1624 and above.
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