EUR futures: corrective upside appears limited

CME Group’s preliminary figures for EUR futures markets saw investors trimmed their open interest positions by more than 5.4K contracts on Tuesday vs. Monday’s final 471,162 contracts. In the same line, volume decreased significantly by almost 48.5K contracts.

EUR/USD scope for a test of 1.1860

The recent price action in EUR/USD has been in combination with declining open interest and volume, all indicative that occasional bullish attempts should remain tepid for the time being. The interim resistance is aligned around last week’s tops in the 1.1860 area.