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High frequency trading algorithms' activity in the Fx market this morning shows that the EURUSD pair has reached and backed off the light HFT selling pressure zone that is located today at 1.0916 and above.
The bullish move has stopped, but EURUSD remains near the daily highs and further bullish attempts are possible today. The main aciton will likely come from the ECB meeting and the retail sales report from the US, both due later today. Very volatile trading can take EURUSD on a wild ride, which means it could reach more distant HFT areas such as the medium or strong HFT zones.
For instance, the medium HFT selling pressure zone is located today at 1.1001 and above, while the strong HFT selling pressure zone is at 1.1086 and above.
To the downside, the light HFT buying pressure zone is located at 1.0831 and below, while the medium HFT buying pressure zone is at 1.0746 and below.
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