EUR futures: door open for extra downside

Pablo Piovano FXStreet

In light of flash data for EUR futures markets from CME Group, investors added more than 6.6K contracts to their open interest positions on Wednesday vs. Tuesday’s final 499,124 contracts. In the same direction, volume remains on the rise, this time it went up by more than 31.1K contracts, recording the second consecutive increase.

EUR/USD faces initial resistance at 1.1765

EUR/USD is navigating a ‘sea of red’ so far this week, while diminishing open interest coupled with dwindling volume hints at the likeliness of further downside on the cards.

Spot faces initial support at the 55-day sma in the 1.1760 area, which if cleared could allow a visit to the vicinity of 1.1710, seen in early November.

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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