No real surprise given we’ve fallen like a rock since Monday morning but net EUR shorts rose to a record 113.9K contracts on the IMM as of the close of business on Tuesday. The market is probably even shorter now.
GBP is also at a record short position of 72.2K.
Fading the market based on the this Commitments of Traders data has been a losing effort of late, but the data is instructive. Once the turn comes in the market, the rebound will be swift. If short, keep stops in place or use some profits to buy out-of the-money calls to protect your winnings.
