Signal: Bullish
EUR: Perhaps unexpectedly, the euro has continued to scale record-heights despite relatively healthy levels of long interest. Our 52-week COT index remains at a very low 8/100, while the 13-week Index likewise remains depressed at 33/100. Both signals make the case that, from a positioning perspective, the euro can continue to rally significantly against the US dollar. We may have to wait until both short and longer-term COT indices hit extremes before calling for a clear EURUSD top.
