EUR futures: carving a base?

CME Group’s preliminary figures for EUR futures markets showed investors trimmed their open interest positions by more than 12.6K contracts on Thursday vs. Wednesday’s final 503,635 contracts. Volume followed suit, down sharply by more than 42.5K contracts.

EUR/USD finds support below 1.2300

EUR/USD’s recent failure and subsequent decline from tops near 1.2480 has been on the back of declining open interest, which is a bearish sign and allows for further retracements at least until open interest stabilizes. The down move, however, appears to have found contention in sub-1.2300 levels. The drop in volume reinforces this last view.