EUR futures: further gains on the cards

According to CME Group’s preliminary figures for Tuesday’s open interest in EUR futures markets, traders added more than 9.3K contracts vs. Monday’s final 427,924 contracts.

Extra gains above 1.1450

The pair has finally broken above the critical 1.1450 area, opening the door for further upside with the interim target at 2016 tops at 1.1616 (May 3). The current scenario of rising prices in tandem with higher open interest signals that fresh buyers are coming into the market, and should be interpreted as a bullish sign.

Risks to the current price action remain on the USD-side, and precisely from Chair Yellen’s testimony later in the NA session.