EUR futures: leg lower picking up pace

CME Group’s preliminary figures for EUR futures saw open interest increasing by more than 5.3K contracts on Tuesday vs. Monday’s final reading at 459,441 contracts. On the other hand, volume rose by over 50k contracts.

EUR/USD appears supported in the upper 1.1500s

Declining prices in EUR/USD in combination with the up tick in open interest and rising volume signal some liquidation from EUR-bulls (probably based on the pair’s inability to re-test tops beyond 1.1900 the figure), opening the door for a deeper pullback with immediate support in the 4-month up trend (today at 1.1568)