EUR futures: upside could struggle above 1.2000

CME Group’s advanced data for EUR futures markets showed open interest decreasing by more than 3.4K contracts on Monday vs. Friday’s 472,096 contracts. Volume has followed suit, dropping by more than 97.4K contracts.

EUR/USD approaching 1.2042

Monday’s price action around EUR/USD has been in tandem with declining both open interest and volume, removing some tailwinds from the current rally. However, dips should remain shallow for the time being and are still considered as opportunities to go long the pair despite extra gains will surely need some stronger catalyst in the near term.