Daily HFT Trade Setup – EURUSD Receives a Boost at HFT Buy Zone
We are analyzing the EURUSD pair and the activity of HFT algorithms here this morning, noting the potential for trade setups from the long side in today's trading session.
For example, EURUSD has already reached the light HFT buying pressure zone today that is located at 1.2017 and below. The price reacted well, and we have a rebound as buyers enter the market at these levels.
However, a full-scale reversal is not a given. The dominant trend here on the hourly chart is still down and the bulls still haven't broken the downtrend trendline (see chart). A breakout of this trendline, though, will be the first more tangible sign that a reversal is on the cards here.
To the upside, the light HFT selling pressure zone is located today at 1.2090 and above.
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