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We are looking at the action of high frequency trading algorithms in today's Fx session and find that the EURUSD pair has already reached the light HFT selling pressure zone located at 1.1315 and above.
While the HFT selling zone usually means a reversal is possible, and we are already seeing the price going down a little, we have to keep in mind that the risks for high volatility on EUR pairs today are high due to the ECB rate announcement and press conference that will take place at 13:45 CET and 14:30 CET each.
Volatile swings similar to yesterday's Fed announcement would not be a surprise. In this regard, EURUSD could attack yesterday's low, which is located inside today's light HFT buying pressure zone, noted as the area between 1.1237 and below.
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