EUR Futures: door open for further retracements

Pablo Piovano FXStreet

In light of advanced data for EUR futures markets from CME Group, investors added around 11.7K contracts to their open interest positions on Thursday, clinching the second build in a row. Volume, instead, remains volatile and shrunk by around 307.2K contracts, the largest single day drop so far this year.

EUR/USD now targets the 55-day SMA at 1.1219

Rising open interest could prompt the weekly correction lower in EUR/USD to extend to the key 55-day SMA at 1.1219. However, higher volatility in volume could slow the pace of the down move and spark some consolidation ahead of further losses.

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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