EUR futures: supported on dips

In light of CME Group’s flash data for EUR futures markets, open interest rose by almost 3.2K contracts on Thursday vs. Wednesday’s 446,222 contracts. In the same tone, volume rose by more than 23.5K contracts.

EUR/USD upside could re-test 1.1880

Yesterday’s ups tick in EUR/USD was accompanied by rising both volume and open interest, a bullish sign that fresh money was flowing into the market. The constructive outlook in the near term opens the door for a potential test of the key 1.1880 area, October’s tops.

Risks to this view come from the US political scenario following the recent approval of the budget by the Senate, while the appointment of a hawk Chairman at the Federal Reserve should also put spot under extra downside pressure.