In short
Speculators are net short EUR (building short over 12 weeks). Positioning sits at 0% of its 12-week range (flip 36th pct of 10y, z -0.30).
Weekly net positioning
Net non-commercial (large speculator) positioning over the last 12 weeks. A rising net means speculators are building longs; a falling net means they are building shorts.
| Week (Tuesday) | Net position | Week-over-week | Open interest |
|---|---|---|---|
| Jul 28, 2026 | -65,198 | -8,527 | 819,806 |
| Jul 21, 2026 | -56,671 | -2,980 | 800,061 |
| Jul 14, 2026 | -53,691 | -8,230 | 799,495 |
| Jul 7, 2026 | -45,461 | -12,817 | 794,833 |
| Jun 30, 2026 | -32,644 | -17,234 | 790,076 |
| Jun 23, 2026 | -15,410 | -6,484 | 785,477 |
| Jun 16, 2026 | -8,926 | +8,462 | 894,671 |
| Jun 9, 2026 | -17,388 | -29,415 | 871,507 |
| Jun 2, 2026 | +12,027 | +4,731 | 842,424 |
| May 26, 2026 | +7,296 | -9,021 | 824,224 |
| May 19, 2026 | +16,317 | -1,686 | 826,019 |
| May 12, 2026 | +18,003 | — | 829,377 |
How to read this
The flip percentile normalizes Euro net positioning against roughly ten years of history: 36.0% means speculators are leaning short versus their own history. The 10-year z-score (-0.30) confirms how stretched that is. Readings above the 90th percentile (or below the 10th) flag a crowded trade prone to a sharp unwind.
Positioning is a risk gauge, not an entry signal. Extremes can persist and get more extreme. Pair this with the fundamentals and a confirming move before fading a crowded trade. See how to read the COT report and using COT data to spot reversals. For the bigger picture on what moves the euro, read the Euro fundamentals guide.
Frequently asked questions
- Are speculators net long or short Euro?
- As of Jul 28, 2026, large speculators are net short the euro, with a net position of -65,198 contracts (92,672 long vs 157,870 short) in the CFTC Commitments of Traders report.
- Is Euro positioning crowded right now?
- No. Euro positioning sits at the 36.0% flip percentile of its 10-year range (z-score -0.30), which is not an extreme. Crowding warnings trigger above the 90th or below the 10th percentile.
- What is the COT flip percentile for Euro?
- Euro's flip percentile is 36.0% — where current normalized net positioning sits within roughly 10 years of history. Above 60 is long-side versus history, below 40 short-side; above 90 or below 10 is crowded.
- When is COT data for Euro updated?
- Weekly. The CFTC releases the Commitments of Traders report every Friday at 3:30pm ET with positions as of the prior Tuesday. This page last updated with data as of Jul 28, 2026.