Daily HFT Trade Setup – EURUSD Rebounds at HFT Buying Zone
We are analyzing the activity of HFT algorithms in the Fx market this morning and note that the EURUSD pair is bouncing at the light HFT buying pressure zone, noted today at 1.0498 and below.
EURUSD reached the area earlier this morning and some 30 pips into the HFT area, the bearish attempt was reversed, and the pair rebounded with a tall green candle (see chart).
EURUSD is now trading again above the 1.05 level, which could indicate that near-term sentiment is close to shifting to bullish. Local short-term resistance exists at 1.0510-1.0515. A break above it could open further upside potential today. The light HFT selling pressure zone is located at 1.0574 and above.
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