EUR Futures: near term rebound still on the cards

Open interest in EUR futures markets shrunk by nearly 1.5K contracts on Monday, reaching the sixth consecutive pullback. In the same line, volume reversed to builds in a row and dropped by almost 83.1K contracts.

EUR/USD ready to resume the up move?

Negative price action at the beginning of the week in combination with declining open interest and volume allows for a potential reversion of Monday’s pullback in EUR/USD and a test of recent tops in the 1.1160 region. Further up is located a Fibo retracement in the 1.1180 region and the 55-day/100-day SMAs are located in the 1.1200 neighbourhood.