EUR futures: liquidation continues

CME Group’s flash figures for EUR futures markets showed open interest decreasing by more than 2K contracts on Tuesday vs. Monday’s final 431,785 contracts. In addition, volume rose by more than 23.5K contracts.

EUR/USD focused on 1.1660

The sell off in the European currency remains unabated so far this week. The decline in EUR/USD stays in tandem with declining open interest, which is a sign of liquidation of long positions, while the increment in volume reinforces the offered stance.

In the near term, spot appears to be headed towards the 1.1660 region, August’s lows.