EUR Futures: further downside on the cards

In light of advanced figures for EUR futures markets from CME Group, investors added just 325 contracts to their open interest positions on Tuesday, recording the second build in a row. In the same line, volume reversed two consecutive pullbacks and increased by around 17K contracts.

EUR/USD now looks to the 200-day SMA near 1.1140

EUR/USD negative price action on Tuesday was accompanied by rising open interest and an uptick in volume, all opening the door to extra decline in the near term. That said, the pair is already testing the key 200-day SMA in the 1.1140 region and could accelerate the downside on a convincing breach of that level.