EUR futures: uptrend renewed?

According to CME Group’s preliminary figures for Friday’s open interest in EUR futures markets, traders added more than 6K contracts to Thursday’s positions, ending two consecutive days of shrinking volume.

Gains beyond 1.12 appear likely

The short covering theme that prevailed at some point during last week now seems mitigated (over?), while more traders are now entering the market and pointing to a bullish scenario in the near term.

Hence, the low-1.1200s, coincident with the key 20-day sma, is now back on the radar. Market participants, in the meantime, should closely follow Draghi’s speeches during the first half of the week looking for any hints of the probable steps of the ECB later in the year.