EUR Futures: room for further retracement

Pablo Piovano FXStreet

In light of preliminary figures from CME Group, investors trimmed their open interest positions by just 413 contracts on Wednesday while volume shrunk by around 60.1K contracts, extending the choppy performance seen as of late.

EUR/USD comes under pressure near the 200-day SMA

EUR/USD appears on the defensive following the indecisive price action on Wednesday and the bearish ‘outside day’ charted the earlier in the week. Declining open interest and volume amidst unclear direction in prices leaves the door open for some near term consolidation although odds for a deeper correction remains well on the cards.

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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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