EUR futures: upside losing momentum

In light of CME Group’s flash data for EUR futures markets, traders trimmed their open interest positions by more than 6.3K contracts on Tuesday vs. Monday’s final 571,304 contracts. On the opposite direction, volume rose by more than 34K contracts.

EUR/USD gains capped near 1.2400

Open interest activity continued to shrink yesterday, down for the seventh session in a row. The ongoing recovery in EUR/USD appears to lack of sustainability against this backdrop, and rallies are expected to falter in the vicinity of 1.2400 the figure, at least in the very near term.