EUR futures: upside appears unsustainable

According to CME Group’s advanced data for EUR futures markets, investors increased their open interest positions by more than 1.1K contracts on Wednesday vs. Tuesday’s 438,663 contracts. On the opposite side, volume dropped by nearly 9.9K contracts, marking the sixth decrease in a row.

EUR/USD bullish attempts stay limited

EUR/USD is up for the third session in a row so far today, with occasional rallies so far finding tough resistance in the upper-1.1700s. The up move, however, lacks of sustainability amidst decreasing volume while open interest is rising albeit at a glacial pace.

EUR should stay under pressure in light of the upcoming ECB minutes, where any discussion of the QE programme will be on top of the agenda. Further out, US payrolls tomorrow will be another source of volatility around spot.