EUR Futures: neutral/bullish near term

Pablo Piovano FXStreet

In light of preliminary figures for EUR futures markets from CME Group, open interest rose for yet another session, this time by just 890 contracts. On the other hand, volume extended the choppy activity and shrunk by nearly 92K contracts.

EUR/USD could extend the up move to the 200-day SMA above 1.1200

The rally in EUR/USD could extend further north of the 1.1200 handle in the next sessions - where is located the critical 200-day SMA - always sustained by rising open interest. However, Friday’s strong drop in volume could prompt some caution, particularly in light of current ‘overbought’ levels in spot.

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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