EUR futures: door open for 1.14?

According to CME Group’s preliminary figures for open interest in EUR futures market for Tuesday, traders added more than 19K contracts, sharply reverting Monday’s drop of 1,580 contracts.

Renewed up trend likely

Increasing open interest in a context of rising prices is a bullish sign and could confirm the onset of a fresh leg higher in EUR/USD, which upside has quickly gathered traction yesterday in response to recent hawkish comments by ECB’s Draghi.

In fact, fresh buyers could be entering the market while pushing spot closer to the key barrier at 1.1400 the figure, the next level of relevance for the time being.