EUR futures: U-turn on the cards?

According to CME Group’s preliminary figures for EUR futures markets, open interest dropped by almost 5.4K contracts on Thursday from Wednesday’s 499,107 contracts. Volume followed suit, down by more than 87K contracts.

EUR/USD now looks to 1.1508

EUR/USD keeps the bearish tone intact so far this week. Yesterday’s down tick in spot has been in tandem with shrinking open interest and volume, hinting at the likelihood that a potential U-turn in prices lies ahead in the near term horizon. In the meantime, the pair has now shifted its view to the area of 2018 lows in the 1.1500 neighbourhood.