EUR futures: cautiously bearish

CME Group’s preliminary figures for EUR futures markets showed open interest decreased marginally by 950 contracts on Monday vs. Friday’s final 503,909 contracts. In the same direction, volume shrunk by almost 12.7K contracts, the first drop after five consecutive builds.

EUR/USD holding on to 1.2200

EUR/USD has accelerated the decline as of late, although the 1.2200 neighbourhood continues to offer strong contention for the time being.  The down move has been against the backdrop of declining open interest, while yesterday’s drop in volume warns against extra pullbacks for now.