EUR Futures: room for extra upside near term

Pablo Piovano FXStreet

Open interest in EUR futures markets rose for the third day in a row on Tuesday, this time by nearly 12.5K contracts, the largest daily build since September 10 according to preliminary figures from CME Group. In the same line, volume reversed two consecutive drops and increased by almost 51.7K contracts.

EUR/USD now targets the 100-day SMA

Tuesday’s rebound in EUR/USD was accompanied by rising open interest and volume, opening the door for the continuation of the bounce to, initially, the 100-day SMA at 1.1124. The bullish view should be reasserted on a convincing breakout of monthly tops beyond 1.1180.

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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