EUR futures: neutral/bearish near term

CME Group’s preliminary figures for EUR futures markets noted open interest dropped for the second consecutive session, this time by around 1.4K contracts on Tuesday from Friday’s final 529,780 contracts. Volume, instead, rose significantly by almost 89.1K contracts.

EUR/USD a test of 1.1508 is not ruled out

EUR/USD appears consolidative in the near term in light of the choppy activity in open interest, although the acceleration in volume could prompt a deeper retracement to, initially, the 1.1508 level.