EUR futures: up move view as corrective

According to advanced figures for EUR futures markets from CME Group, investors added just 765 contracts to their open interest positions on Monday from Friday’s final 556,491 contracts. In the same line, volume rose by around 2.3K contracts, slightly reverting the previous sharp drop.

EUR/USD stays capped around 1.24

Despite the current 4-day positive streak, further gains in EUR/USD appears limited in light of the underlying decrease in open interest in past sessions and choppy (unclear) activity in volume.

In addition, as long as the short-term resistance line caps the upside (currently just above 1.24 the figure), the outlook on the pair remains neutral to bearish, with initial target at the 1.2200 neighbourhood.