EUR futures: upside appears limited

CME Group’s preliminary figures for EUR futures markets noted open interest dropped by around 1.3K contracts on Monday from Friday’s final 517,160 contracts. Volume recorded its second decrease in a row, this time by almost 23K contracts.

EUR/USD met strong resistance around 1.20

EUR/USD advanced and tested the area around 1.2000 at the beginning of the week, although the up move has been quickly reverted and spot closed near daily lows. Recent price action in the pair has been amidst dropping open interest and volume, all hinting at a potential U-turn. Sellers, however, appear clustered in the boundaries of 1.2000 the figure for the time being.