Traders watching EUR/USD as it nears hft selling zone!
|Analysis of high-frequency trading algorithms in the Forex market this morning reveals that the EURUSD currency pair may provide attractive opportunities from the sell side later in the session.
EURUSD has been on the rise since the early morning and soon is going to reach the light HFT selling pressure zone, which is located at 1.1231 and above. Channel resistance is near the HFT area, providing an additional incentive for sellers to enter the market.
The price is already reacting to the channel resistance, while today's bullish leg has reached overbought levels on the hourly timeframe. A reversal signal around current levels will confirm the bearish scenario for today, which may drive EURUSD down toward the light HFT buying pressure zone that is noted at 1.1145 and below.
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