EUR futures: scope f...from Ricktran111

EUR futures: scope for extra losses Open interest in EUR futures markets rose by nearly 1.5K contracts on Friday according to preliminary readings from CME Group. In addition, volume increased by around 19.1K contracts, extending the erratic performance. EUR/USD targets 1.10 and below Friday’s negative price action in EUR/USD was on the back of rising open interest and volume, leaving the door open for extra losses in the near-term. That said, a test of the 1.10 neighborhood and probably below remains well on the cards in the short-term horizon.

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AUD/USD refreshes session tops, retakes 0.6800 handle This coupled with deteriorating global risk sentiment, as depicted by a sea of red across equity markets, might further contribute towards capping any strong gains for perceived riskier currencies – like the Australian dollar. Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond a 100-day SMA barrier near the 0.6835 region, before positioning for any further near-term appreciating move for the major. There isn't any major market-moving economic data due for release on Thursday and hence, the incoming trade-related headlines might continue to play a key role in producing some short-term trading opportunities.

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EUR/USD buyers look for confirmation, despite recent bounce, as prices still trade below the near-term key moving average, around 1.1025, during early Friday. The 50-day Simple Moving Average (SMA) level of 1.1040 acts as immediate upside barrier to the pair holding gate for a further recovery towards late-October low surrounding 1.1075/80 and then a rise to 1.1130. However, any further upside will have to conquer 1.1175/80 confluence including 200-day SMA and multiple tops since October 21. Meanwhile, pair’s failure to keep the gains and a decline below the recent low of 1.0989 could recall early-October levels close to 1.0940 and 1.0880 to the chart.

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US Dollar Index stays focused on trade, data The index is looking to add to Friday’s advance to the 98.30/40 area, or weekly highs, amidst the absence of significant headlines around the US-China trade war and positive results from the US docket in past sessions. In fact, Friday’s improvement in the final prints of US Consumer Sentiment tracked by the U-MIch index have given extra oxygen to the buck against the back drop of the usual rhetoric by President Trump that a deal with China is ‘close’, all helping the index to close the week on a positive note. In the docket, the Chicago Fed index will be the sole release later today ahead of the Consumer Confidence gauge by the Conference Board and New Home Sales on Tuesday and another estimate of the Q3 GDP and PCE figures on Wednesday.

Ricktran111