EUR Futures: upside could be losing traction

Pablo Piovano FXStreet

Open interest in EUR futures markets shrunk by nearly 1.2K contracts on Friday, reversing five consecutive builds according to advanced data from CME Group. In the same line, volume retreated by almost 28K contracts, reversing three builds in a row.

EUR/USD still faces strong hurdle at 1.1180

The upbeat view in the shared currency remains well and sound so far, although the up move in EUR/USD could be running out of steam as the pair gets closer to the overbought area and both open interest and volume went down on Friday. That said, the area around 1.1180 remains crucial for spot in the near term.

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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