What is the Euro FX COT report?

It is the weekly CFTC Commitments of Traders breakdown for Euro FX (CME): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read Euro FX net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the Euro FX COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in Euro FX?

A bearish divergence is Euro FX futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

Euro FX (CME)

Euro FX positioning

Price series: Euro FX futures (front month) · positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026

Last weekly close · Euro FX futures (front month)

1.1489

Asset managers net position (contracts)

251,698

No signalJul 21, 2026 → Sep 15, 2026 · 8-week window

Neither price nor positioning has moved enough this window to say anything.

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Euro FX futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)19 · stretched short

Near the most bearish this group has been in the window.

Commercial (hedgers)81 · stretched long

Near the most bullish this group has been in the window.

Asset managers38 · neutral

Leaning short, but not yet at an extreme.

Leveraged funds31 · neutral

Leaning short, but not yet at an extreme.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Method credit: the 0–100 normalization goes back to Larry Williams' COT work in the 1980s and was developed and popularized by Stephen Briese, author of The Commitments of Traders Bible.

Asset managers — COT index history (0–100, rolling 3 years window)

Disagreement Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Disagreement Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Disagreement Index · vs last 3 years

Disagreement sits in its normal historical range — nothing stretched.

Current gap (contracts)

-279,854 contracts

Left axis: gap in contracts (positive = Leveraged funds is more net long than Asset managers). Right axis: disagreement index, 0–100. Gap tracks Leveraged funds − Asset managers.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Sep 15, 2026, published Friday Sep 18, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	209,000	235,993	-26,993	+15,623	19
Commercial (hedgers)	485,267	485,057	210	-6,520	81
Asset managers	486,435	234,737	251,698	+1,020	38
Leveraged funds	103,260	131,416	-28,156	+5,129	31

Signal log — Asset managers

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Convergence — healthy uptrendJul 7, 2026 → Sep 1, 2026price +1.7% · net position +9,335 contracts
Bearish divergenceJun 23, 2026 → Aug 18, 2026price +2.6% · net position -17,304 contracts
Convergence — healthy downtrendApr 21, 2026 → Jul 21, 2026price -3.0% · net position -57,464 contracts
Bullish divergenceApr 7, 2026 → Jun 9, 2026price -1.3% · net position +23,506 contracts
Bearish divergenceMar 10, 2026 → May 5, 2026price +3.0% · net position -80,686 contracts
Convergence — healthy downtrendJan 13, 2026 → Mar 31, 2026price -0.9% · net position -139,699 contracts
Convergence — healthy uptrendOct 28, 2025 → Jan 27, 2026price +3.0% · net position +38,959 contracts
Convergence — healthy downtrendSep 2, 2025 → Nov 18, 2025price -1.7% · net position -22,849 contracts
Convergence — healthy uptrendJul 29, 2025 → Sep 23, 2025price +1.5% · net position +37,233 contracts
Convergence — healthy uptrendJan 7, 2025 → Jul 22, 2025price +14.8% · net position +223,065 contracts
Bullish divergenceDec 3, 2024 → Jan 28, 2025price -1.7% · net position +24,075 contracts
Convergence — healthy downtrendAug 20, 2024 → Jan 7, 2025price -8.5% · net position -153,695 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.