EUR Futures: Downside appears shallow

Open interest in EUR futures markets shrunk by nearly 29.8K contracts on Tuesday, reversing at the same time three consecutive daily builds, according to preliminary figures from CME Group. In the same line, volume rose sharply by almost 121.4K contracts, the largest single day build since February 18^th.

EUR/USD still targets 1.1500 and above

EUR/USD closed in the 1.1280 region on Tuesday following a strong rebound in the greenback. However, the negative price action met declining open interest, hinting at the likeliness that a deeper pullback looks unlikely for the time being. That said, another attempt to the 1.1500 region still remains well on the cards, at least in the near-term.