Friday February 7, 2020 - 17:12:52 GMT
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Why is the EURUSD Trading Weak?
The following posts from the Global-View Forex Forum describe the price action and t=a reason for its current weakness.
|swiss frank 15:48:37 GMT - 02/07/2020
|I think its reflective (as much as anything) of the euro being the funding currency of choice now and for the foreseeable.
|Minneapolis DRS2 15:46:08 GMT - 02/07/2020
|EUR/USD needs fuel for price to make a substantial drop. The problem right now is that so far, nobody has been willing to provide that fuel (in the form of substantial buying). So what we get is a slow grind...a few pips up, a few pips (plus a few more pips) down.
This condition will persist for a while...notice that whenever EUR/USD shoots up 20 or 30 pips, it gets hammered back down almost immediately? The default trade for more than 2 years now has been to sell the pair, either outright or via cross pairs. Price may go up for a few days at a time every once in a while, but sellers have been dominant for some time and price is quickly hammered back down.
Except now..."nobody" is buying, so price just moves along like a slug. Does that reflect Europe and its economies? You be the judge.
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