EUR futures: recovery has room to extend

Pablo Piovano FXStreet

According to advanced figures for EUR futures markets from CME Group, open interest increased by around 21.1K contracts on Wednesday, the largest single day increase, at the same time reaching the sixth consecutive build. In the same line, volume reversed the previous drop and rose by around 124.6K contracts, the largest move since April 23.

EUR/USD bounced off 2019 lows, targets 1.1200

EUR/USD managed to reverse the drop to fresh yearly lows near 1.1100 the figure on Thursday and closed the day with gains in the 1.1180 region accompanied by rising open interest and volume. Against this backdrop, there is still scope for further gains with immediate target at 1.1200 and beyond.

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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