Daily HFT Trade Setup – EURUSD Rally Halts at Medium HFT Sell Zone
We are analyzing HFT algorithms' activity today and note that the EURUSD pair has extended the rally in the current session, going through the light HFT selling pressure zone that is located at 1.1315 and above. Hence, the rally took EURUSD to also reach the medium HFT selling pressure zone, which is located at 1.1369 and above.
Buying forces seem to have abated here, at least temporarily. The hourly chart shows a spinning top candle formed, and the rally has taken a pause. EURUSD is now down further off the high.
Still, there is notable room to the downside before the new uptrend can be challenged. But the 1.1350 level in this sense could be an important line in the sand, which if broken back down, may signal a deeper retracement.
The light HFT buying pressure zone for today's day-trading session is located at 1.1261 and below.
Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)