EUR futures: potential U-turn?

According to CME Group’s advanced data for EUR futures markets, investors scaled back their open interest positions by nearly 3K contracts on Friday vs. Thursday’s final 443,740 contracts. On the other hand, volume followed suit and dropped by more than 62.7K contracts.

EUR/USD bottomed out near 1.1570?

The recent sharp sell off in EUR/USD has been in tandem with declining open interest and a significant decrease in volume, all indicative that a probable U-turn could be in the pipeline.

After testing fresh lows in the 1.1575/70 band on Friday, the pair has so far managed to regain the 1.1600 handle and beyond, always amidst a correction lower in the greenback.