EUR Futures: shrinking odds for a move higher

Pablo Piovano FXStreet

In light of preliminary figures for EUR futures markets from CME Group, investors scaled back their open interest positions for the second session in a row, this time by around 15.3K contracts. In the same direction, volume went down by around 10.3K contracts, reaching the second straight drop.

EUR/USD still capped by 1.1100

The gradual recovery in EUR/USD was in tandem with declining open interest and volume, showing some absence of conviction to extend the move further up. That said, the 1.1100 neighbourhood is still seen as a strong resistance in the near term.

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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.

EUR/USD faces next resistance near 1.1930

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GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.