EUR Futures: rallies look shallow

Pablo Piovano FXStreet

Investors reduced their open interest positions for the seventh day in a row Monday, this time by just 169 contracts. On the other hand, volume reversed five consecutive drops and rose by nearly 5.6K contracts, according to preliminary data from CME Group.

EUR/USD keeps the upside limited

The positive price action in EUR/USD at the beginning of the week was on the back of the persistent decline in open interest and a small increase in volume. That said, occasional bullish attempts continue to show lack of conviction and therefore extra consolidation remains on the cards. Against this backdrop, another leg lower should not be ruled out in the near term.

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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