EUR futures: further gains on the cards

Pablo Piovano FXStreet

According to CME Group’s preliminary figures for Tuesday’s open interest in EUR futures markets, traders added more than 9.3K contracts vs. Monday’s final 427,924 contracts.

Extra gains above 1.1450

The pair has finally broken above the critical 1.1450 area, opening the door for further upside with the interim target at 2016 tops at 1.1616 (May 3). The current scenario of rising prices in tandem with higher open interest signals that fresh buyers are coming into the market, and should be interpreted as a bullish sign.

Risks to the current price action remain on the USD-side, and precisely from Chair Yellen’s testimony later in the NA session.

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.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.