EUR futures: upside appears limited

Preliminary figures for EUR futures markets from CME Group noted investors trimmed sharply their open interest positions by almost 102.3K contracts on Wednesday – the largest so far this year – vs. Tuesday’s final 599,875 contracts. Volume, instead, rose for the first time after three consecutive drops, this time by nearly 70K contracts.

EUR/USD faces strong resistance around 1.2400

EUR/USD is up for the second session in a row against the backdrop of declining open interest – indicative that the up move has been mainly fuelled by short covering. The pair faces a tough hurdle in the 1.2400 neighbourhood, which is at the same time reinforced by the short-term resistance line off YTD peaks.