EUR futures: a top in place?

Monday’s preliminary figures for open interest in the EUR futures markets showed traders slightly trimmed their positions by more than 1K contracts to 381,683 contracts vs. Friday’s final figures.

Interim resistance above 1.1200

The current inability of EUR/USD to surpass the low-1.1200s on a more sustainable fashion and the somewhat stabilized performance of open interest in past sessions allow us to infer that a potential top could be in place in the near term.

The view is reinforced by the lack of relevant news or events around spot, which continues to be driven by USD-dynamics and US yields.