EUR Futures: extra losses in the pipeline

Pablo Piovano FXStreet

Open interest in EUR futures markets rose for the second session in a row on Tuesday, this time by around 3.3K contracts, according to advanced figures from CME Group. In the same line, volume reversed two consecutive drops and went up by around 19.6K contracts.

EUR/USD could test the 55-day SMA in the mid-1.10s

Tuesday’s pullback in EUR/USD broke below the key 100-day SMA and was accompanied by rising open interest and volume, noting that fresh sellers are entering the market. That said, further downside remains on the cards with the next relevant target at the 55-day SMA near 1.1050.

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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