EUR futures: bullish momentum intact but…

CME Group’s advanced data for Monday in EUR futures markets showed open interest rising by almost 2.5K contracts vs. Friday’s final print at 447,839 contacts.

Open interest keeps running above the monthly average (439,470 contracts) and has experienced a pick up since July 18. Volume remains choppy instead, although it has dropped for the second consecutive session.

EUR/USD still aims higher

There was nothing relevant regarding yesterday’s correction lower in spot and the small up tick in open interest, as the broader up trend appears everything but abated for the time being. There is room for another test of recent highs in the 1.1685/90 band ahead of 1.1713 (monthly top August 2015).

*Another take of the current view: as shown in the chart, open interest has been somewhat fattening against the backdrop of rising prices in EUR/USD, which could signal some exhaustion in the up move and the likeliness of an impending top. Just an idea to maybe start mulling…