EUR futures: rally still has legs

In light of advanced data from CME Group, open interest in EUR futures markets on Monday rose by more than 5.5K contracts vs. Friday’s final 450,391 contracts. In the same line, volume increased by nearly 12K contracts.

EUR/USD extra upside (yet) on the cards

Recent price action in combination with rising open interest and volume keeps suggesting that the bull trend remains well in place in EUR/USD for the time being. After breaking above the 1.1800 handle late on Monday, there is not much in terms of significant resistance levels until 2012 low in the 1.2040 area (Draghi’s ‘whatever it takes’).

However, extremely overbought levels (74) and a potential divergence in the daily RSI (14) warns of a probable squeeze lower.