EUR Futures: Downside looks limited

Open interest in EUR futures markets shrunk by around 1.6K contracts on Thursday, reversing the previous day’s build according to flash data from CME Group. On the other hand, volume rose by around 55.6K contracts, extending the erratic performance seen as of late.

EUR/USD looks (well?) supported around 1.0780

A deeper pullback in EUR/USD has started to lose traction on the back of declining open interest, leaving the current YTD low near 1.0780 as quite a decent contention zone. Choppy activity in volume, could also add some consolidation at current levels.