EUR futures: cautious ahead of FOMC

CME Group’s advanced data for EUR futures markets on Friday saw open interest up by nearly 21K contracts vs. Thursday’s final 518,157 contracts. Volume, instead, decreased sharply by more than 159.3K contracts.

EUR/USD further upside unlikely

Friday’s up tick failed to test/surpass the psychological 1.20 handle despite the increasing selling pressure around the greenback. Increased open interest and the significant drop in volume combined with recent price action suggest that extra gains in EUR/USD appear unlikely in the very near term and in light of the upcoming FOMC meeting.