The trading pair of EUR/USD has opened today’s trade with a bullish bias in the mid of a global weakness. The price was more than 1.2200 point barrier. Such a start reflects the price to enjoy bullish trend. But for this to happen, first it needs to breach the value of 1.2225. If it successfully breaches this value then it can reach a positive value. On the other hand, if the value breaches the value of 1.2175 then this state will negatively pressurize the traders. Therefore the traders remained neutral throughout the trading day. Ultimately today’s overall trend has been neutral. Most of the traders waited patiently for a vivid signal of the next move. About 65% traders of this trading pair remained net short.
Global Weakness and EUR/USD:
Overall the global economy is facing hurdles. Uncertainty has increased the fragility of Forex trading. Traders are not that much sure about their moves anymore. Political issues and geopolitical risks have become threats for traders. Obviously this state affects the trade of EUR/USD. The traders are no more inclined to invest in EURO. The trading pairs of EURO are seriously affected by the weakness of the global economy. The counter-parts of EURO are enjoying a gain in their values with the fall in the price of EURO. The struggle period of EURO still extends further. The global weakness and uncertainty has severely decreased the value of EURO.
Festivity and celebrations:
The month is on the brink of holiday period. The much awaited festivity does not seem to support the Forex traders. The constant fear of another devastating Debt crisis has increased the Bond yields. Such a state further weakens the condition of EURO. Forex traders cannot enjoy whole heartedly the celebrations of Christmas and New Year. The family time and bond building period will help the traders of EURO to deal with the disappointment caused by trading.