EUR Futures: upside seen limited

According to CME Group’s preliminary figures for EUR futures markets, open interest shrunk for the second session in a row on Friday, this time by around 11.8K contracts. Volume, instead, rose by around 151.6K contracts, the largest build since April 23.

EUR/USD could now attempt to test the 55-day SMA

EUR/USD is adding to Friday’s gains in the 1.1180 region in response to the correction lower in the greenback. Shrinking open interest on Friday should remove tailwinds from the squeeze higher, although the large build in volume could allow for another test of 1.1200 and beyond ahead of extra losses.