EUR futures: further decline in the pipeline
According to CME Group’s preliminary figures for EUR futures markets, traders added just 206 contracts to their open interest position on Wednesday from Tuesday’s final 505,986 contracts. In the same line, volume rose sharply by 127K contracts after two consecutive daily drops.
EUR/USD risks another test of sub-1.1300
EUR/USD charted a bearish engulfing candle yesterday amidst rising open interest and volume, opening the door for a deeper retracement in the near term. That said, another test of the 1.1300 handle – and possibly below - remains well on the cards for the time being.