EUR futures: deeper pullbacks unlikely?

CME Group’s advanced figures for EUR futures markets noted open interest dropped by around 143.2K contracts on Wednesday, the largest daily drop so far this year, from Tuesday’s final 626,452 contracts. In the same direction, volume went down by near 61.7K contracts.

EUR/USD potential test of 1.1500 on the cards

EUR/USD maintains the weekly leg lower and threatens to test the so far YTD lows in the 1.1510 area. Yesterday’s down move has been on the back of a sharp decline in open interest and volume, removing some tailwinds for a deeper retracement, at least in the near term.