EUR futures: rally could face some exhaustion

Advanced data of open interest in the EUR futures markets for Tuesday showed a small decrease of just 43 contracts vs. Monday’s final 449,629 contracts. Volume, instead, rose by almost 60K, reverting the previous drop.

EUR/USD lost vigour beyond 1.1700

After testing fresh 2-year tops above 1.1700 the figure on Tuesday, EUR/USD retreated to the 1.1640 region and is slipping further back so far today to the vicinity of 1.1620. Flattening open interest and increasing volume after yesterday’s failed attempt to sustain the up move above 1.17 opens the door to a potential retracement in the near term.