EUR futures: upside appears limited

CME Group’s advanced data for EUR futures markets showed open interest dropped by more than 2.5K vs. Friday’s final 467,727 contracts, while volume decreased by nearly 21.8K contracts.

EUR/USD upside limited ahead of ECB

The pair is advancing for the third session in a row today, extending the breakout of the 1.1900 handle although the recent drop in both open interest and volume warns about further gains.

Collaborating with this view, market consensus seems to lean towards a somewhat dovish tone from the ECB at tomorrow’s meeting, with the probability of President Draghi showing some concerns over the recent appreciation of the exchange rate.