EUR futures: potential consolidation ahead

CME Group’s flash data for EUR futures markets showed traders trimmed their open interest positions by more than 4.9K contracts on Thursday vs. Wednesday’s final reading at 590,861 contracts. On the opposite side, volume rose by almost 53.1K contracts, partially reverting Tuesday’s sharp drop.

EUR/USD a test of 1.2165 still on the cards

Thursday’s price action showed lack of direction in EUR/USD amidst increasing volume and somewhat steady open interest activity. That said, we can infer that some consolidation lies ahead although a potential visit to 1.2165 (January 18 low) remains on the radar.