EUR Futures: Correction lower in the offing

Open interest in EUR futures markets shrunk for yet another session on Friday, now by around 1.3K contracts according to preliminary figures from CME Group. Volume, in the same line, resumed the downside and dropped by around 7.1K contracts.

EUR/USD met resistance near 1.1150

Friday’s advance in EUR/USD run out of steam in the mid-1.1100s amidst declining open interest and volume, hinting at the likeliness that a correction lower could be in the pipeline once the short covering loses traction. Against this, the next relevant support emerges at the 55-day SMA, today just above 1.10 the figure.