EUR futures: room for further rangebound

CME Group’s advanced data for EUR futures markets on Thursday saw open interest decreasing by nearly 4.5K contracts vs. Wednesday’s final reading of 469,761 contracts. Volume, on the other hand, rose by more than 12K contracts.

EUR/USD another test of 1.20 appears unlikely

Yesterday’s price action around EUR/USD has been accompanied by a decrease in open interest while volume ticked higher. The activity in both volume and open interest, however, stay far from relevant for the time being, while spot could extend the consolidative theme after the recent rejection from the 1.2070 area, or fresh cycle highs.

In the very near term, today’s US non-farm payrolls and next week’s ECB meeting should prove to be vital for the pair’s direction.