EUR futures: OI rise points to sustained rally

Omkar Godbole FXStreet Contributor

The EUR/USD pair rallied from 1.1179 to 1.1445 over the last three trading days. The move marked a bullish break of the trading range of 1.11-1.13.

The preliminary data for June 29 published by the CME shows the Open Interest in the Euro futures rose by 6564 contracts. The total OI has gone from 381,290 contracts on June 26 to 415,947 contacts on June 29.

The addition in the Open Interest for last three trading days signals the rally from 1.1179 to 1.1445 could be long lasting and may be extended further if the US personal spending data due later today disappoints expectations.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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