EUR Futures: rallies seen limited

Pablo Piovano FXStreet

According to advanced figures for EUR futures markets from CME Group, open interest shrunk by around 4.5K contracts on Friday for the first time since July 22. In the same line, volume reversed two consecutive builds and went down by nearly 69.4K contracts.

EUR/USD faces initial hurdle at the 1.1160/80 region

The recovery in EUR/USD stays unabated so far today. However, shrinking open interest and volume are likely to remove sustainability from a serious bullish attempt, leaving the upside limited for the time being. In this regard, the next hurdle of note should be the 1.1160/80 band, where coincide recent tops and the 21-day SMA.

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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