EUR Futures: Further downside not ruled out

Open interest in EUR futures markets rose by around 2.5K contracts on Thursday, following five consecutive daily pullbacks, according to flash data from CME Group. On the other hand, volume reversed two builds in a row and shrunk by around 4.4K contracts.

EUR/USD now looks to 1.0814

The recent negative price action in EUR/USD was on the back of rising open interest, thus opening the door for another leg lower that could reach, initially, the Fibo retracement (of the 2017-2018 rally) at 1.0814.