EUR Futures: Room for extra downside

Pablo Piovano FXStreet

Open interest in EUR futures markets rose by nearly 3.5K contracts on Tuesday, reversing three consecutive drops according to preliminary prints from CME Group. On the opposite side, volume shrunk for the second session in a row, this time by around 35.3K contracts.

EUR/USD remains supported in the 1.1000/1.0990 area

Rising open interest against the backdrop of declining prices signals the possibility of further losses in the near term in EUR/USD. However, the persistent drop in volume could slow the pace of the downside and even spark some consolidation. That said, the 1.1000/1.0990 band is seen offering solid contention in case the bearish momentum accelerates.

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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