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In light of preliminary figures for EUR futures markets from CME Group, open interest reversed the recent uptrend and shrunk by nearly 2.4K contracts on Monday. In the same direction, volume went down by almost 5K contracts, reversing the previous build.

EUR/USD does not rule out a test of the 100-day SMA

EUR/USD is now challenging the 21-day SMA in the 1.1080 zone, prolonging the rebound for yet another session amidst declining open interest and volume. That said, a test of the key 100-day SMA at 1.1091 should not be ruled out ahead of a potential correction lower.