EUR futures: neutral/bearish near term

In light of advanced figures for EUR futures markets, investors scaled back their open interest positions by almost 1K contracts on Thursday from Wednesday’s final 497,405 contracts. In the same direction, volume decreased by nearly 22K contracts.

EUR/USD gains limited around 1.2400

The choppy activity around EUR/USD so far this week is poised to continue for the time being, with the upside clearly capped by the 1.2400 neighbourhood and decent contention emerging in the 1.2165/55 band. Both open interest and volume shrunk yesterday, although by irrelevant levels, supporting the consolidative view.