EUR futures: extra consolidation likely

According to preliminary figures for EUR futures markets from CME Group, open interest dropped by just 235 contracts at the beginning of the week vs. Friday’s final 535,117 contracts. In the same direction, volume shrunk significantly by around 57.7K contracts.

EUR/USD approaches 1.1300

Monday’s pullback in EUR/USD was on the back of a small draw in open interest although volume decreased sharply, extending the choppiness seen in past weeks. That said, the continuation of the consolidative/cautious tone is expected at least in the very near term while a test of the 1.1300 support and below is not ruled out.