EUR futures: a deeper pullback seems unlikely

In light of CME Group’s preliminary figures for EUR futures markets, investors trimmed their open interest positions by around 1.6K contracts on Wednesday from Tuesday’s final 541,753 contracts. In the same line, volume reverted two consecutive daily builds and shrunk by around 10.5K contracts yesterday.

EUR/USD could still test 1.1234

The decline in EUR/USD appears to have met quite a moderate support in the 1.1300/1.1290 vband for the time being. Declining open interest and volume should remove impetus from the selling bias, although a potential test of 2019 lows near 1.1230 still remains in the pipeline.