EUR Futures: Room for extra upside

In light of preliminary figures for EUR futures markets from CME Group, open interest rose sharply for the second session in a row, this time by nearly 162K contracts. On the other hand, volume shrunk by around 76.1K contracts, reversing five consecutive builds.

EUR/USD still targets 1.1200 and above

Following Tuesday’s positive price action amidst higher open interest, EUR/USD could still extend the move up to the 1.1200 neighbourhood and beyond, where is located the late-December top near 1.1240. The noticeable drop in volume, however, carries the potential to slow the pace of the expected move or even spark some consolidation.