EUR Futures: scope for a near term rebound
On light of preliminary data for EUR futures markets from CME Group, investors scaled back their open interest positions by nearly 1.7K contracts at the beginning of the week. In addition, volume shrunk for the second session in a row, this time by almost 34.8K contracts.
EUR/USD faces interim target at 1.1140
Declining prices amidst shrinking open interest and volume could spark some reversion of the leg lower in the near term. That said, EUR/USD could attempt a move to the interim hurdle in the 1.1140 region, where coincide the 21-day and 10-day SMAs.