EUR futures: markets still wait for a correction
|CME Group’s preliminary data for Friday showed open interest decreased by more than 2K contracts from Thursday’s 452,997 contracts (monthly high). Volume followed suit, dropping by over 167K contracts.
EUR/USD: correction lower on the cards
Friday’s test of 2-year tops in the 1.1680/85 band and the subsequent pullback seems to have opened the door for a long-waited correction lower. The decrease in open interest plus the significant drop in volume supports that scenario in the very near term. Occasional drops, however, should prompt dip-buyers to step into the market, as the underlying sentiment around the European currency still is clearly bullish.
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