EUR futures: all eyes on ECB

In light of advanced figures for EUR futures markets from CME Group, open interest rose slightly by 308 contracts on Wednesday from Tuesday’s final 494,154 contracts. On the other hand, volume contracted by more than 7K contracts.

EUR/USD met support near 1.2160

The leg lower in EUR/USD seems to have halted in the bottom of the multi-month consolidative range around 1.2160 ahead of the ECB meeting due later in Euroland. The recent acceleration of the decline in spot has been on the back of shrinking open interest and volume, allowing the probability of a squeeze higher in the near term. Today’s ECB event should be crucial for the near term price action.