Daily HFT Trade Setup – Will EURUSD Fail at the HFT Sell Zone Today?
The analysis of high-frequency trading algorithms in the Fx market this morning shows that the EURUSD pair may offer short trading opportunities in the trading session ahead.
Namely, EURUSD almost touched the light HFT selling pressure zone - that is located today at 1.2174 and above - and was met by sellers there. The bullish attempt was rejected, and the pair is some 10 pips off the highs now. However, this doesn't mean a reversal is completed but could be the first sign of it.
Fx traders will be looking at other indicators for confirmation. For example, the advanced FxTR overbought/oversold indicator (plotted below the candle chart) may provide such confirmation. The indicator's value is nearing the overbought area and may soon enter it.
EURUSD bears may target the light HFT buying pressure zone to the downside that is located today at 1.213 and below.
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