EUR futures: still bearish

As shown by CME Group’s preliminary figures for Thursday, open interest in EUR futures contracted by more than 2K from Wednesday’s final 379,313 contracts.

Leg lower imminent?

Recent data still assume the tick higher in prices is fuelled mainly by short covering, although at a slower pace, all within a broad bearish scenario. A correction lower is thus expected when traders manage to adjust their new positions, with the area around 1.1130 emerging as the initial contention in EUR/USD.