FX Trading Revolution Team
FX Trading Revolution
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
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.