EUR futures: recovery seen limited

In light of preliminary figures for EUR futures markets from CME Group, investors scaled back their open interest positions by more than 2K contracts on Wednesday from Thursday’s final 497,717 contracts. Volume, instead rose for the first time after four consecutive daily drops, this time by around 14.4K contracts.

EUR/USD faces strong resistance at 1.1338

EUR/USD is recovering ground for the second session in a row amidst rising volume and shrinking open interest. That said, the continuation of the up move remains on the cards in the very near term, although a tough barrier emerges at the 200-week SMA at 1.1338.