EUR futures: neutral near term

In light of advanced figures for EUR futures markets from CME Group, investors trimmed their open interest positions by nearly 4.5K contracts on Wednesday from Tuesday’s final 527,579 contracts. In the same line, volume shrunk by almost 50.3K contracts.

EUR/USD could attempt to test 1.17545/50

EUR/USD faded the spike to the mid-1.1600s amidst shrinking open interest and volume. The choppy activity in both open interest and volume along with the ongoing sideline theme in prices remain poised to continue in the near term, although a test of the key resistance area in the mid-1.1700 is not ruled out.