EUR futures: pullbacks appear shallow

CME Group’s preliminary figures for EUR futures markets showed open interest dropped by almost 2.5K contracts on Tuesday vs. Monday’s 484,713 contracts. On the other hand, volume increased by near 28K contracts, reverting two consecutive daily retracements.

EUR/USD holding on to 1.1620

Tuesday’s down move in EUR/USD has been accompanied by shrinking open interest, while volume ticked higher after two daily drops. Therefore, spot appears to extend the consolidative mood while it remains well underpinned by the 1.1620 region.