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EUR Futures: Further losses look likely

Open interest in EUR futures markets rose by almost 77K contracts on Friday, the largest single-day build so far this year according to preliminary readings from CME Group. In addition, volume reversed six consecutive advances and shrunk markedly by around 308.7K contracts.

EUR/USD remains focused on the downside

EUR/USD closed just above the key 200-day SMA on Friday and met support in the 1.1050/60 band last week, where is located the 55-day SMA. Rising open interest favours the continuation of the leg lower, although the important drop in volume warns against a quick and a deeper retracement for the time being.

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