EUR futures: upside looks exhausted

Open interest in EUR futures markets shrunk by more than 1.7K contracts on Tuesday, according to preliminary figures from CME Group. In the same line, volume reversed two consecutive builds and decreased by around 14.2K contracts.

EUR/USD met strong resistance around 1.1280

The moderate rebound in EUR/USD appears to have run out of steam in the 1.1280 region. Despite a probable test of the key 200-week SMA remains on the cards, declining open interest and volume could trigger a correction lower in the near term.