EUR futures: scope for further correction

According to Friday’s preliminary figures, the open interest in EUR futures increased by more than 6K contracts to 421,655 contracts from Thursday’s final 415,156 contracts, as informed by CME Group.

Pullback likely near term

Traders have been adding to their already long positions in EUR, sustaining further the recent upside to fresh multi-month tops in the mid-1.1400s. However, as prices have started to recede, open interest extended the up trend, implying the idea that the correction lower may still have some room to develop.