[B]Signal: [/B]Bullish
[B]EUR: [/B]The % of total commercial positions that are long measured through a 52 week percentile is at 88 and the % of total speculative positions that are long measured through a 52 week percentile is at 4. The 52 week index appears to have bottomed at 0 and had turned up and is now at 4. Conditions are now bullish for the Euro.
[B]US Dollar Index: [/B]The % of total commercial positions that are long measured through a 52 week percentile is at 12 and the % of total speculative positions that are long measured through a 52 week percentile is at 88. The 52 week COT index has rolled over from 100 and is at 86. We wrote last week that “a dollar bullish extreme has been registered as speculators are overwhelmingly bullish and hedgers are bearish. The USD should decline.” There is no change to that outlook.
[B]Signal: [/B]Bearish