EUR futures: upside limited near term

According to CME Group’s preliminary figures for EUR futures markets, traders scaled back their open interest positions by 618 contracts on Wednesday from Tuesday’s final 507,186 contracts. Volume followed suit, increasing by almost 5.9K contracts.

EUR/USD still looks to 1.1508

EUR/USD lost momentum in the 1.1630 region so far this week, while yesterday’s doji-like candle amidst shrinking volume and open interest allows for further downside with initial target at YTD lows in the 1.1500 neighbourhood.