Cot 07/21

[B]Implications: [/B]Neutral

[B]EUR: [/B]The 52 week index has turned from 0 (early June) but the 13 week index has accelerated so fast that it is now at 100 (after being near 0 in June). In other words, speculators have piled on Euro longs quickly, making it unlikely that the Euro is headed much higher from current levels. At least a setback should take place.