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According to preliminary data for EUR futures markets from CME Group, investors scaled back their open interest positions by around 5.2K contracts on Monday from Friday’s final 500,998 contracts. Volume followed suit, down significantly by almost 105K contracts.

EUR/USD rangebound very near term

EUR/USD‘s down tick at the beginning of the week was on the back of shrinking volume and open interest, removing some tailwinds from the leg lower and leaving the door open for extra consolidation ahead of the ECB event in the next couple of days.