EUR futures: diminished odds for further pullbacks

In light of preliminary data for EUR futures markets from CME Group, investors trimmed their open interest positions by nearly 1.7K contracts on Tuesday from Monday’s final 506,887 contracts. In the same line, volume decreased by around 35.5K contracts.

EUR/USD still targets 1.1299

EUR/USD remains on the defensive so far. However, yesterday’s down move was amidst declining open interest and volume, hinting at the likelihood that a probable squeeze higher is in the pipeline in the near term. A probable drop and test of YTD lows at 1.1299 still remains a chance, nonetheless.