CFTC Euro Net Speculative Short Positions at Record High

Euro pessimism has been extreme for some time, and even though last week saw a nice bounce in the Euro vs most other currencies, the negativity and pessimism as monitored by the net speculative exposure monitored by the CFTC has increased  while net USD long rose slightly — see chart below from ZeroHedge. We are now at what look like a major record short position, that could create a massive rebound in the Euro should a short covering or squeeze begin.

full disclosure: I increased my long EUR short USD position by buying more call options.