EUR futures: extra gains appear unlikely

CME Group’s flash data for EUR futures markets showed open interest rose by more than 1.7k contracts in Friday vs. Thursday’s final 431,997 contracts. In the same direction, volume rose by nearly 3.9k contracts.

EUR/USD door open for further correction

Traders failed on Friday to sustain a break above the psychological 1.2000 handle, closing the day with marginal gains instead. That, coupled with the weekly decrease in both open interest and volume, seems to pave the way for a deeper correction.

In the meantime, the 5-month support line, today at 1.1875, keeps underpinning the constructive outlook in EUR/USD, although this area is expected to be put to the test during the week in light of the upcoming Fed-speakers.