EUR futures: underpinned around 1.1600

Pablo Piovano FXStreet

CME Group’s flash data for EUR futures markets showed open interest rose by nearly 5.4K contracts on Thursday vs. Wednesday’s final 441,010 contracts. In the same line, volume rose significantly by almost 38K contracts, up for the second session in a row.

EUR/USD consolidative near term

EUR/USD is extending the sideline theme so far this week, with decent support emerging in the 1.1600 neighbourhood. Increasing open interest and volume in past sessions coupled with choppy price action leaves the door open for further rangebound at least in the near term.

Risks to this view emerge from today’s US non-farm payrolls and the progress (or absence of it) of the Republicans-led tax reform plan.

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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