EUR Futures: recovery has further legs to go

According to preliminary figures for EUR futures markets from CME Group, investors scaled back their open interest positions for the second session in a row on Friday, this time by nearly 2.8K contracts. In the same line, volume shrunk by around 9.8K contracts, partially offsetting the previous build.

EUR/USD looks supported near 1.1120

Following two consecutive daily pullbacks, including a test of the so far yearly lows in the proximity of 1.1120 (coincident with the 21-day SMA), EUR/USD is now looking to extend the rebound. The move appears initially supported on the back of the recent negative price action amidst diminishing open interest and volume.