EUR futures: room for extra downside

CME Group’s preliminary data for EUR futures markets showed open interest rose by more than 3.3K contracts on Friday vs. Thursday’s 433,454 contracts. On the other hand, volume recorded its third consecutive decline on Friday, this time by more than 13.4K contracts.

EUR/USD still targets 1.1660

The recent up move in the second half of last week was accompanied by a decline in volume, showing some lack of strength of the uptick. Open interest, on the other side, has been rising since last Wednesday, although by non-relevant figures. EUR/USD remains vulnerable to USD-dynamics in the very near term, while there is still room for a potential test of August’s lows in the 1.1660 region.