EUR futures: dips appear shallow

Pablo Piovano FXStreet

CME Group’s advanced data for EUR futures showed open interest rose by more than 7.1K contracts on Friday vs. Thursday’s final reading at 457,944 contracts. In addition, volume followed suit, up by nearly 34.7 contracts.

EUR/USD: ‘buy the dips’ still favoured

Despite today’s ongoing correction lower in EUR/USD, the recent sharp recovery from sub-1.1700 levels to Friday’s post-Payrolls spike to the mid-1.1800s seems to be showing the sentiment prevailing in the markets among traders.

Rising prices coupled with increasing open interest and volume keep signaling that there is still room for extra upside, with the next target emerging at YTD tops just above 1.1900 the figure.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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