In light of preliminary figures for EUR futures markets from CME Group, investors trimmed their open interest positions by more than 2K contracts on Thursday from Friday’s final 529,872 contracts. In the same line, volume dropped for the first time after three consecutive builds, this time around 123.7K contracts.
EUR/USD poised for further pullbacks
Thursday’s positive session in EUR/USD has been against the backdrop of shrinking open interest and volume, removing tailwinds for a more sustainable bull run. Spot thus remains vulnerable and the door stays wide open for further retracements in the near term, which should find initial support at YTD low at 1.1676.
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