EUR futures: bearish, extra pullbacks likely

CME Group’s advanced figures for EUR futures markets showed open interest increased by nearly 8K contracts on Tuesday vs. Monday’s final 560,213 contracts. In the same line, volume went up markedly by more than 110K contracts, recording the second consecutive build.

EUR/USD door open for a test of 1.2165

EUR/USD’s sharp pullback following the hawkish testimony by Chief Powell on Tuesday has been in tandem with increasing both open interest and volume, painting a bearish scenario for the time being. That said, the door remains (wide) open for a potential visit to the 1.2165/70 band, where converge a Fibo retracement of the 2014-2017 drop and January 25 low.