As I understand, the effects that influence the Forex prices (for the major pairs) can be described as:
- inside effects - short term speculations by humans/robots
- real world events - larger scale events influencing the price of the pairs
is it possible to prove that the inside effects play a role in prices? Can market price be significantly self-influenced by traders that react to the actual value?
If yes, on what granularity I can observe it? In other words, what granularity let us observe market behavior that is least influenced by "real world" events?