In light of CME Group’s preliminary figures for EUR futures markets, open interest retreated for the second session in a row, this time by around 6.3K contracts on Monday from Friday’s final 544,529 contracts. Volume followed suit, down significantly by around 239K contracts.
EUR/USD still targets 1.1745/50
Despite EUR/USD managed to retake the 1.1700 neighbourhood, shrinking open interest and volume could play against the sustainability of the up move. However, a test of the critical resistance band at 1.1745/50 still remains on the cards.