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We are analyzing the activity of high frequency trading algorithms this morning and note that the EURUSD pair is pushing into the light HFT selling pressure zone that is located at 1.0271 and above.
The pair rose above the 1.02 round number late last Friday to close the week near the highs and is so far staying above 1.02. But the predominant trend here is down, and the bearish momentum remains strong on the large timeframes.
Hence, Fx traders may be inclined to look for bearish setups and re-enter short. This could help cap any EURUSD upside attempts in the HFT zone. On the downside, the light HFT buying pressure zone will come into focus as a target area, which is located today at 1.0163 and below.
