EUR futures: scope for extra consolidation

Open interest in EUR futures markets dropped for the third consecutive session on Thursday, this time by almost 2.5K contracts vs. Wednesday’s final 530,938 contracts. On the other hand, volume increased by nearly 31K contracts, partically reverting the previous build.

EUR/USD neutral outlook unchanged

Choppy activity in volume and a slight downtrend in open interest leave the door open for the continuation of the broad consolidative theme in EUR/USD for the time being. In this scenario, however, another test of the arewa below the 1.1300 handle should not be ruled out.