In light of advanced figures for EUR futures markets from CME Group, investors added around 7.6K contracts to their open interest positions on Thursday from Wednesday’s final 578,768 contracts. Volume, instead, dropped significantly by more than 30.3K contracts.
EUR/USD could see some profit taking near term
The upside momentum in EUR/USD failed around 1.1840 on Thursday, sparking the current correction lower to the 1.1780 region. The uptick in open interest in combination with a daily close near session lows hints at the likeliness that short-covering could be near its end, while the drop in volume opens the door for some selling pressure in the near term.
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