EUR Futures: scope for further recovery

Open interest in EUR futures markets rose for the third session in a row on Thursday, this time by nearly 3.7K contracts according to advanced data from CME Group. On the other hand, volume shrunk by almost 16.6K contracts following two consecutive builds.

EUR/USD now targets the 55-day SMA

EUR/USD has recovered ground and bounced off recent lows in the sub-1.10 region amidst rising open interest and decreasing volume, leaving the door open for the continuation of the recovery in the near term. That said, the up move could extend to the key 55-day SMA in the 1.1040 region.