EUR futures: buy the dip?

CME Group’s flash data for EUR futures markets showed traders scaled back their open interest positions by more than 99K contracts on Wednesday vs. Tuesday’s 531,320 contracts. Volume, on the other hand, rose by nearly 64K contracts.

EUR/USD well underpinned below 1.1900

EUR/USD’s ‘outside day’ on Wednesday is not having any follow through today, reinforcing the idea that occasional pullbacks in the pair remain shallow, and might be even seen as buying opportunities. Recent activity in open interest is not suggesting any imminent pick up in the selling pressure, although the important build in volume should lift some eyebrows.