EUR futures: room for deeper pullbacks

In light of advanced figures for EUR futures markets from CME Group, investors added nearly 6.7K contracts to their open interest positions on Wednesday from Tuesday’s final 509,659 contracts. In the same direction, volume increased sharply by more than 133K contracts, reverting three consecutive daily drops.

EUR/USD now targets 1.1916

EUR/USD remains entrenched into the bearish trend despite today’s bounce. In fact, the down move has been sustained by rising open interest, while the significant increase in volume seen yesterday adds to the view that the next target remains 1.1916, YTD lows seen in early January.