EUR/USD Falling Toward HFT Buying Zone!
|Analysis of the trading activity of HFT algorithms in the Fx market this morning indicates that the EURUSD currency pair could reach the light HFT buying pressure zone today which is noted at 1.1259 and below.
Additional support at the lows near the 1.1250 level here could give enough reasons for the bulls to enter the market again and possibly drive the EURUSD pair higher on an intraday basis.
Still, some bullish signs to confirm a potential bottom here will be needed before we can call one. Indicators are still showing the trend as bearish; for example, the Improved CCI indicator is still in the red.
A bullish signal on the indicator or some bullish pattern or other bullish signals inside of the light HFT buying pressure zone will increase the probabilities that EURUSD bottoms in this area.
The light HFT selling pressure zone is noted at 1.1319 and above today and it stands as a potential area to target higher. The 1.1300 resistance stands before it and will be a tough level to clear.
EURUSD Current Trading Positions
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