EUR Futures: a deeper correction is not ruled out
|According to preliminary data for EUR futures markets from CME Group, open interest shrunk by nearly 4.2K contracts on Friday, reaching the second drop in a row. In the same line, volume reversed three consecutive builds and dropped by almost 556K contracts, the biggest single day drop so far this year.
EUR/USD upside faltered above 1.1100
EUR/USD’s positive price action on Friday was accompanied by declining both open interest and volume. In fact, the pair failed to advance further north of the key resistance line just above 1.11 the figure, sparking a move to the current 1.1070 region. That said, the inability to resume the upside in the near term could encourage sellers to return to the markets on a more sustainable fashion, putting the 1.0925 level back on the radar.
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