Open interest in EUR futures markets dropped by just 508 contracts on Wednesday according to flash data from CME Group. In the same direction, volume shrunk by around 38.3K contracts after two consecutive daily pullbacks.
EUR/USD still targets 1.1100 and probably below
Yesterday’s negative price action in EUR/USD was on the back of shrinking open interest and volume, allowing for a potential U-turn in the near term. Occasional bullish attempts face initial target at the 1.1230 region, where sits the 55-day SMA. In the meantime, a move lower to the 1.1100 neighbourhood remains well on the cards for the time being.
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