EUR Futures: rangebound likely in the near-term

CME Group’s preliminary data for EUR futures markets noted investors added almost 5.5K contracts to their open interest positions at the beginning of the week, reversing two consecutive daily pullbacks. On the other hand, volume shrunk for the second session in a row, this time by nearly 29.9K contracts.

EUR/USD consolidative around 1.1200

Monday’s positive price action in EUR/USD was accompanied by rising open interest, hinting at the likeliness that extra gains could be in store in the near-term. However, another drop in volume warns against this view and could spark some consolidation around current levels, at least until a stronger catalyst turns up.