Due to the growing interest of investors in intra-day trading it is necessary to pay even more attention to the analysis of the microstructure of financial markets. This article analyses the behaviour of the exchange rate EUR/USD at short intervals. The base aim of this paper is to verify the possibility to reach the “above average return” through automated trading systems based on technical analysis. In the case that, the selected strategies will be achieved above average profits, it is possible to reject the efficient market hypothesis in its weak form. Otherwise, it can be argued that it could not disprove the hypothesis of efficient market in a very short time intervals and movement of the exchange rate EUR/USD is not predictable.
Acta Universitatits Bohemiae Meridionalis (ISSN 1212-3285, online 2336-4297) University of South Bohemia in České Budějovice, Faculty of Economics Studentská 13, 370 05 České Budějovice, Czech Republic Contact: firstname.lastname@example.org; Phone Number: +420 38 777 2486