EUR Futures: recovery could extend further

Open interest in EUR futures markets rose for yet another session on Thursday, this time by around 1.5K contracts according to preliminary figures from CME Group. In the same line, volume extended the erratic performance and increased by nearly 93.8K contracts.

EUR/USD now targets the 21-day SMA near 1.1290

The positive price action in EUR/USD met once again resistance in the 1.1280/90 band, where sits the 21-day SMA, all amidst rising open interest and volume. Against this backdrop, the pair’s upside momentum could extend further and test the critical 1.1300 neighbourhood in the near term.