EUR futures: scope for a near term rebound

In light of CME Group’s advanced data for EUR futures markets, open interest rose by almost 8K contracts on Thursday vs. Wednesday’s final 448,236 contracts. In addition volume rose significantly by around 88.4K contracts.

EUR/USD interim resistance at 1.1660/70

Yesterday’s uptick in spot has been accompanied by rising both open interest and volume, pointing to a bullish scenario for the very near ter. In fact, the pair’s upside should meet initial and quite strong resistance in the 1.1660/70 band, H&S’s ‘neckline’ which was broken in the wake of the ECB meeting on October 27.