EUR Futures: bullish with caution

Open interest in EUR futures markets rose for the third session in a row on Monday, this time by around 5.8K contracts, while volume contracted by around 65K contracts, clinching the second consecutive drop.

EUR/USD now targets 1.1450

The march north in EUR/USD remains unabated so far this week. Rising open interest should allow for the continuation of the up move to, initially, March peaks in the mid-1.1400s. However, the continuation of the downtrend in volume could slower the pace of the up move or even prompts a correction lower.