EUR futures: further weakness on the cards

In light of preliminary data for EUR futures markets from CME Group, open interest rose by just 572 contracts on Monday from Friday’s final 521,794 contracts. On the other hand, volume shrunk by almost 135K contracts, partially reverting Monday’s sharp build.

EUR/USD now looks to 1.1312

EUR/USD dropped to fresh 13-month lows on Monday around 1.1330 amidst rising open interest, which should leave the immediate target at 1.1312 (July 2017 low). The important reduction in volume, however, could slow down the pace of the decline.