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In light of preliminary figures for EUR futures markets from CME Group, open interest receded by more than 3.5K contracts on Tuesday vs. Monday’s final 481,503 contracts. In the same direction, volume decreased by almost 4.5K contracts.

EUR/USD neutral, potential top in place

Yesterday’s down move in spot has been accompanied by shrinking open interest and volume, hinting at the likeliness of a U-turn in prices and thus leaving the near term neutral bias unaltered. Further consolidation in the pair should leave the recent top near 1.1800 the figure as an interim top.