EUR futures: correction lower only temporary ahead of ECB

According to CME Group’s preliminary data for EUR futures markets on Wednesday, volume dropped by more than 93K contracts while open interest scaled back almost 1K contracts from Tuesday’s final 447,597 contracts.

Caution ahead of ECB

The ongoing leg lower in EUR/USD appears only temporary, as volume decreased significantly and dwindling open interest have been also accompanying the down move. All in all, market participants remain reluctant to break below 1.15, while at the same time there are not many motives to resume the upside for the time being.