EUR futures: bearish signs emerging

According to CME Group’s preliminary figures of open interest in EUR futures for Wednesday, traders added more than 4.5K contracts vs. Monday’s final 422,496 contracts.

Further pullbacks on the cards?

The renewed downtrend seems poised to extend further for the time being, supporting the current bearish scenario of rising open interest and declining prices. Fresh short selling appears motivated by new money flowing into the markets, opening the door for lower levels in spot.

In the meantime, EUR/USD shed more than a cent since Friday’s YTD tops near 1.1450 to yesterday’s lows near 1.1310, while all the attention seems now on the ECB minutes due later.