EUR futures: gains appear capped

CME Group’s flash data for EUR futures markets showed investors added more than 2.5K contracts to their positions on Thursday vs. Wednesday’s final print at 431,198 contracts. On the other hand, volume decreased for the second session in a row, this time by more than 24K contracts.

EUR/USD rebound lacks conviction

The current rebound in EUR/USD comes against the backdrop of declining volume while open interest has been rising marginally, allowing us to infer that extra gains appears unlikely and should find strong initial resistance in the 1.1820 region, where sits the 55-day sma.

Absent headlines from the ECB and amidst the same rhetoric from ECB-speak, USD-dynamics stay so far as the exclusive driver for the pair’s price action for the time being.