EUR Futures: scope for a deeper correction
|In light of advanced figures for EUR futures markets from CME Group, open interest rose by nearly 4.4K contracts on Monday, reversing the previous drop. On the other hand, volume shrunk for the second session in a row, now by around 29.1K contracts.
EUR/USD rising odds for a move lower
EUR/USD’s negative price action at the beginning of the week was accompanied by a moderate uptick in open interest, showing that fresh sellers joined the down move. That said, further retracements appear on the cards in the near term with immediate target at the 55-day SMA in the 1.1040 region. The persistent drop in volume, however, could slow down the pace of the correction lower.
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