EUR futures: squeeze higher not ruled out

Preliminary figures for EUR futures markets implied by CME Group showed open interest dropped more than 1.8K contracts on Friday vs. Thursday’s final 564,600 contracts. Volume followed suit, decreasing by more than 66K contracts.

EUR/USD faces resistance at 1.2350/65

Friday’s pullback in EUR/USD has been accompanied by a declining volume and open interest, removing some tailwinds from the move and allowing the chance for a rebound. However, the occasional bullish attempt should meet resistance in the 1.2345/65 band, where converge the resistance line off 2018 lows (January) and the 10-/21-day sma.