EUR Futures: pullbacks looks limited near term

Pablo Piovano FXStreet

In light of preliminary figures for EUR futures markets from CME Group, investors added around 2.6K contracts to their open interest positions on Friday, reversing two consecutive daily drops. Volume, instead, shrunk by around 72.5K contracts, extending the erratic performance seen as of late.

EUR/USD appears supported by the 55-day SMA

Last week’s decline in EUR/USD met contention in the 1.1070 region so far. While increasing open interest hints at a probable continuation of the correction lower, the key 55-day SMA in the 1.1040 area is expected to hold the downside. In addition, the choppy activity in volume could remove some tailwinds from a potential deeper retracement.

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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