EUR: The index is at 0, indicating exteme pessimism. The composite COT is at -71,158, below the former all-time low from July 2005 (temporary Euro low).
At that time, a roughly 700 pip rally took place over the next 2 months. The percentage of commercials that are long is at its all-time high now at 67.4%. This is above the July 2005 level of 61.4%.
Implications: bottoming?
